Crypto Hell Week

Macro & Terra Unwind Exacerbate Pressure on Crypto Market

Weeks like this feel like an eternity in crypto given all that’s happened over the last several days. The massive unwind of Terra’s UST peg, and the collapse of LUNA’s value, has exacerbated bearish sentiment and downward pressure on crypto more broadly. In general, macro headwinds have taken hold of this market and show little signs of lightening up, at least until incoming inflation prints weaken considerably. Equities continue to get pummeled with the Nasdaq 100 rapidly approaching its largest drawdown from a 52-week high since March 2020 (which was the largest drawdown since the GFC).