The world (the cryptocurrency) turns to dust in 24 hours and melts more than 90%, while bitcoin (BTC) reaches US $ 29,000; understand what is happening to LUNA and the market today

Blood of the market cryptocurrencies continued, especially for two special tasks. LUB bitcoin (BTC) lost more than 8% and touched the $ 29,000 support, considered a risk level; send the World (MOON) Live its own problems and turn to dust with a 97% drop in 24 hours.

Check out the performance of the world’s top cryptocurrencies today:

# Name Price 24 hours% 7d%
1 Bitcoin (BTC) US $ 29,506.15 -8.34% -24.35%
two Ethereum (ETH) US $ 2,197.58 -9.76% -23.25%
3 Tether (USDT) US $ 0.9971 -0.29% -0.29%
4 USD Coins (USDC) US $ 1.00 -0.02% -0.06%
5 IB (BNB) US $ 279.82 -14.90% -28.34%
6 XRP (XRP) 0.4318 It -19.25% -30.30%
7 Cardano (ADA) US $ 0.5658 -17.66% -31.72%
8 Solana (SOL) US $ 54.32 -25.75% -38.31%
9 Binance USD (BUSD) US $ 1.00 0.15% -0.38%
10 Dogecoin (UA) US $ 0.9168 -21.95% -30.17%
Source: Coin MarketCap

The performance of B3’s cryptocurrency index funds follows the same path. Check the market of ETFs on the exchange today:

form the leader Price Exchange rate (24h%) Exchange rate (7d%)
HOUSE 11 hashdex PAB 29.33 1.14% -17.59%
ETH 11 hashdex PAB 35.59 0.51% -14.47%
IB 11 hashdex PAB 38.80 0.00% -16.40%
DEFI 11 hashdex PAB 27.70 -2.33% -27.60%
WEB 311 hashdex PAB 28.08 -6.52% -27.81%
QBTC 11 QR investment PAB 10.22 -0.68% -16.37%
HOLE 11 QR investment PAB 8.73 0.34% -15.90%
QDFI 11 QR investment PAB 4.79 -4.39% -26.31%
NWS 11 capital PAB 36.10 -17.01% -39.73%
Source: Google Finance

Crisis on Infinite Earths

Fans of the comic book will be able to identify DC’s Crisis on Infinite Earths saga, but they will also find that the cryptocurrency market is not much different.

We are currently discussing issues related to the Terra Network protocol, which includes Terra cryptocurrency (LUNA) and stabilitycoin TerraUSD (UST). Both came into the spotlight of investors after problems with policies and relationships with the dollar on digital currencies.

History of violence

To repeat: in a few days, there was a failure in the process of cryptocurrency Terra – link stabilitycoin TerraUSD – which keeps prices down. Some crypto enthusiasts say no problem and say yes blockchain is the victim a FUD (Short letters in English for gossip that causes fear and uncertainty in the market).

In doing so, LUNA began to fall and take it stabilitycoin UST, which lost parity with the dollar in recent days. This leads to a lack of confidence in the process and causes the statement to fail once more.

In numbers: the fall of the earth

For those who come to one of the five largest companies in the world in cryptocurrencies, Terra (LUNA) yaj 97.45% according to Coin Market Cap and fell to 96th position.

From any time high of $ 119, LUNA lost 99.13% at its price, falling to US $ 1.03.

send the stabilitycoin UST is totally destabilized, worth up to US $ 0.393, 70% lower than the parity needed to come up with the dollar.

The End of the World?

“This event is the most significant for the crypto industry since Covid-19, it presents many disadvantages in the design stabilitycoins algorithms and will lead to controversy over the heavier class of cryptocurrencies “, said the CEO of Unblock Capital, Ricardo Assaf.

The US Treasury Department, Janet Yellen, is aware of her difficult struggles stabilitycoinstook the opportunity to criticize cryptocurrencies back from other currencies.

However, this should not be the end of the World. “LUNA will survive on a small scale, it will have to redefine its own time. But it has a very good design and the quality of the designers”, said Assaf.

And it affects how BTC is today

The turmoil in the cryptocurrency market started with the world and spread to other areas of the market, even affecting bitcoin.

This is because Luna Foundation Guard, responsible for managing Terra Network, sold the equivalent of US $ 1.5 billion in bitcoins yesterday afternoon (10) to try to bring UST parity with the dollar, knowing that the process also there is a deposit in BTC. .

Thus, the downtrend was mainly due to a lack of trust with Terra (LUNA) and the massive sell-off of the current BTCs – in addition to the warnings caused by the loss. recent and negative macro scenario.

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