Crypto Update 5/12/22 | Do Kwon Is the Elizabeth Holmes of Crypto

With bitcoin traders taking a beating overnight as Tether’s USDT stablecoin loses its $1 peg, plus a look at where the collapse of Terra’s stablecoin may fit in a history of self-delusion, CoinDesk’s Markets Daily is back with the latest news roundup.

This episode is sponsored by Kava and BCB Group.

Today's Stories:

Global stocks slide as growth and inflation fears mount | Financial Times

Stock Futures Fall as Inflation Weighs on Markets - WSJ

Terra's LUNA Has Dropped 99.7% in Under a Week. That's Good for UST

Tether Loses $1 Peg, Bitcoin Drops to 2020 Levels of Near $24K

Ether Futures Lead $1.2B in Liquidations, Crypto Market Cap Drops 16% Overnight

Featured Story: Do Kwon Is the Elizabeth Holmes of Crypto

This episode was edited & produced by Adrian Blust with original music by Adrian Blust & Colin Mealey

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Kava lets you mint stablecoins, lend, borrow, earn and swap safely across the world’s biggest crypto assets. Connect to the world's largest cryptocurrencies, ecosystems and financial applications on DeFi’s most trusted, scalable and secure earning platform with kava.io.

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BCB Group is the leading business banking partner for the digital assets industry. We provide the rails to move money and a gateway for crypto to FX markets at scale. Our mission is to connect and bank the global crypto industry. Find out more by visiting bcbgroup.com/coindesk.

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Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code MarketsDaily15 to get 15% off your pass at www.coindesk.com/consensus2022.