The Luna disaster raises questions about the future of cryptocurrencies

 The collapse of the Luna and UST tokens is considered a bad sign for the expansion 

Once priced at more than 100 USD, Luna sometimes dropped to 0.0001 USD in the past week, which is a million times decrease. Simply put, if a person owned $1 million worth of Lunas before May, their net worth is now exactly one dollar. Similar to the UST, holders of this stablecoin also split five accounts, even though this is a price stable coin.

The collapse of Luna - a token that used to be on the list of the 20 largest cryptocurrencies in the world in terms of capitalization - caused many people to lose their fortune overnight, not understanding what was happening, because they believed a "top coin". "Can't depreciate that fast.

From being favored, Luna and UST were gradually restricted or removed from the trading list of most cryptocurrency exchanges. "This serious incident could drain investors' confidence in the cryptocurrency market in the short term," commented Indian Express.

Besides, the plunge of Luna also affected the cryptocurrency market. Bitcoin from the previous mark of more than $ 34,000 per coin dropped to $ 27,000 as of May 12 - the lowest level since December 2020. Meanwhile, many oher tokens also dropped from 30% to more than 50%.
Previous Post Next Post