There has been massive pressure on cryptocurrencies in the past month with Bitcoin, the biggest, plunging from over $40 000 at the start of April to now below $30 000. To help us understand and make sense of these massive moves that we are seeing in the crypto market, I’m joined by Marius Reitz, the general manager for Africa at Luno, a platform where you can invest in cryptocurrencies. Read: TerraUSD stablecoin plunges TerraUSD backers seek $1.
That’s a reference that you made of the stablecoin that is not very stable at this point – the TerraUSD. It was supposed to trade in tandem with the dollar, essentially at that $1 peg, and now has crashed to $0.40. So talk to us and help us understand what happened with this particular story, what caused the crash and when you are expecting to see the situation improve.
Do you think that that damage to trust can be reversed, or do you think it’s permanent? I think this is one of the areas in which people who scratch their heads over whether to invest in crypto or not speak quite closely to the trust and the safety of one’s investments. These moves have been really brutal, and they’ve been really brutal over just a couple of days.
Bitcoin is presently at a 16-month low, as you have said. When do you see that situation improving, when do you see the coin going back up to those November highs of over $69 000, and how long do you reckon it’ll take?
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