Tuesday June 14, 2022 – What goes up, must come down. The old axiom rings true. Look at Bitcoin – the Gorilla of crypto – it was trading at nearly $70,000.00 in November 2021. Today, Bitcoin went below $21,000 for a short time. It’s fallen 25% in the past five days alone, to its lowest value in 18 months.
Crypto has always been volatile – it has weathered several “Crypto Winters” in its short life. Last month two coins, TerraUSD and cryptocurrency Luna, both of Terraform Labs, dropped to nearly zero in value.
Terraform Labs has since introduced Luna 2.0. “A chance to rise up anew from the ashes,” said Do Kwon, founder of Terraform Labs.
Attorney Steven A. Leahy takes a look at the ashes of the market to see if the phoenix will rise again on Today’s Tax Talk.