Crypto market crash: the cryptocurrency Terra (LUNA) lost more than 99% of its value in a record time of just 24 hours. In this way, this cryptocurrency has wiped out the fortunes of some virtual currency investors.
According to CNBC, Terra was previously one of the top ten most valuable cryptocurrencies on the market. As a reference, last month it had reached a peak of $ 120 per unit, but now the price has dropped below one dollar per unit.
According to the quoted source, most of the losses occurred overnight, when the MOON lost 98% of its value. In other words, the collapse of the price means that the market value of LUNA has dropped from $ 40 billion to $ 488 million. This has led to unprecedented losses for investors.
A cryptocurrency is in massive decline: it’s about the MOON
“I lost all my savings,” wrote a member of the Reddit thread r / TerraLuna. “I bought LUNA for $ 85, I don’t know what to do next.”
As a reference, the LUNA cryptocurrency had a major increase at the beginning of last year – it was $ 0.64 per unit. Thus, the increase between January 3, 2021 and May 1, 2022 was 12,400%. People are now complaining that they lost a potential gain of $ 15,000 because they did not sell their LUNA cryptocurrencies in April, when the price was over a hundred dollars.
“I lost over $ 450,000, I can’t pay the installments at the bank,” wrote another user. “I will lose my house. I will become a homeless man. “
This devaluation comes in the context in which the entire cryptocurrency market is facing sharp declines.
How much do investments in Bitcoin and other cryptocurrencies cost you: $ 800 billion in losses in a month
In just one month, the market value of cryptocurrencies has reached no less than $ 800 billion. At the same time, the wealth of some of the richest people in the industry has fallen sharply.
Coinbase is the largest publicly traded cryptocurrency exchange in the United States, and the results for the first quarter of 2022, in the context of losses of 800 billion in the cryptocurrency market, were disastrous. Coinbase shares fell 16% after the results were released.
The company’s founder, Brian Armstrong, had an estimated fortune of 13.7 billion in November 2021. It dropped to 8 billion in March and now hovers around 2.2 billion, according to Bloomberg. This is what an x-ray of the Bitcoin, Ether, Dogecoin and other cryptocurrencies market currently looks like.