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Michael Saylor’s Bitcoin Bet Under Pressure and the Ripple Effects of UST Stablecoin Collapse

The most valuable crypto stories for Tuesday, May 10, 2022.

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“The Hash” panel tackles the UST stablecoin’s loss of its dollar peg. What happened and what does it mean?

Treasury Secretary Janet Yellen uses UST as an example to discuss risks within our financial system, including MicroStrategy’s decision not to sell bitcoin even as prices fall below its average purchase costs because the company “anticipates that demand will be sufficient.” Plus: the reason why Azuki NFTs are crashing in value.

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Consensus 2022, the industry’s most influential event, is happening June 9-12 in Austin, Texas. 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. Visit coindesk.com/consensus2022 to get your pass today.

This episode has been edited by Michele Musso. Our Executive Producer is Jared Schwartz. Our theme song is “Neon Beach.”