Home » Why did crypto crash? Mark Cuban compares crypto ‘lull’ to the early internet

Why did crypto crash? Mark Cuban compares crypto ‘lull’ to the early internet

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Mark Cuban, a billionaire entrepreneur and owner of the NBA’s Dallas Mavericks, believes cryptocurrencies are on the same downtrend as tech and internet companies hit in the early 2000s. ..

Bitcoin hits low for the first time in 10 months May, and sale of irreplaceable tokens, Also known as NFTSlumped between January and March 2022.

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Cuba has addressed the slump in the viral Twitter TWTR.
+ 6.35%
thread. “Cryptocurrencies are going through the calm that the Internet has passed through,” he writes.

Early comparisons of cryptocurrencies and the Internet were previously made by others, including Cuba and entrepreneur Gary Weinachuk. The dot-com bubble collapsed in 2000 after several Internet-centric companies received high levels of investment speculation, but eventually bottomed out.

Cuba sold his company Broadcast.com to Yahoo for $ 5.7 billion in 1999, just before the collapse of dotcom. Since then, Broadcast.com has been discontinued.

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Billionaire Dallas Mavericks owners have significant investment and interest in the fields of cryptocurrencies and NFTs. He claims to own thousands of dollars worth of Bitcoin BTCUSD.
-1.01%,
Ethereum ETHUSD,
-2.15%
And Dogecoin DOGEUSD,
-0.51%,
according to CNBC Report and say it again 80% of his investment What is not in “Shark Tank” is crypto-related.

But what’s next? NFTs have exploded in popularity over the last few years, Beeple When NBA top shot Recent NFT sales, which sell NFTs for millions of dollars, have plummeted as more creators flooded the market.The average daily trading volume of OpenSea, the largest NFT marketplace, is Decreased by more than 55% from January 2022 to March 2022According to the cryptographic data tracking platform DuneAnalytics.

“Early, I think I saw a lot of new entrants who were enthusiastic about this, but didn’t necessarily understand the basics. I think cooling reflects that.” Jordan Birnholtz, co-founder of the NFT Marketplace Neon, told the distributed ledger...

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Millionaire Vaynerchuk, who invested early in companies like Facebook FB,
+ 4.24%,
Twitter, Uber UBER,
+ 4.81%,
Snap snap,
+ 4.59%
And Venmo told MarketWatch in July 2021 that he was seeing NFTs and cryptocurrencies, like Cuba, following the same path as early Internet companies in the late 1990s.

“”I display NFTs exactly as I did in 1999 when I displayed the internet.. Internet stocks and their valuations prematurely passed through the roof and many collapsed. Meanwhile, eBay EBAY,
+ 3.70%,
Google GOOG,
+ 2.32%
And Amazon AMZN,
+ 4.03%
Everything was there, “Vaynerchuk said.

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Cuba said something similar in a tweet that was deleted last January. “Looking at crypto trading, it’s just like a stock bubble on the Internet. It’s exactly,” he wrote. “I think BTC, ETH, and a few others are similar to those built during the dot-com era and prospered over the bursting of the bubble, like AMZN, EBay, and Priceline. Many people do. I will not. “

Cuba’s latest crypto comments are coming as the prices of many cryptocurrencies have plummeted.Bitcoin and ether prices were moving around About half of the peak in November.

reference: Here’s how much money you lost if you bought cryptocurrencies during Matt Damon’s “Fortune Favors the Brave” commercial:

May 9th, the same day as the Cuban tweet, Cryptographic exchange coinbase Global coin,
+ 4.02%
Down more than 13%, MicroStrategy MSTR,
+ 9.08%
Shares fell by more than 17%, Riot Blockchain Inc. RIOT,
+ 4.67%
It decreased by more than 13%.

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