The crypto community is concerned about Terra Luna

The crypto community is concerned about Terra Luna

May 11, 2022, 18:05 PM

(The price plunged by 99 percent in 24 hours from $112 a month ago.)

The value of cryptocurrencies, including bitcoin, fell at that global level. The fall of Terra Luna, Terraform Labs' cryptocurrency, precipitated the crisis. Terra Luna lost 99 percent of its value in 24 hours, shocking the crypto community. The price of Terra is present at $0.51. At the half-dollar level, that is. A month ago, Terra was worth $112. Within 24 hours, the value, which was $90 a month before, had collapsed. The depreciation of the currency is putting a lot of pressure on cryptocurrencies around the world. The price of bitcoin is currently $27,000. It is estimated that it is worth up to $22,000.00 in the crypto realm. Bitcoin was worth $63,000 six months ago. Terra Luna and other cryptocurrencies are under pressure as a result of the high amount of Bitcoins in circulation.

Terra

Investors in cryptocurrency have already lost Rs 1,600 crore. Terra suffered a setback when she lost 70,000 bitcoins. Terra's UST, which was supposed to be a rather stable coin, was similarly harmed. The UST, which was once roughly equivalent to one dollar, is currently worth 26 cents

(one hundred dollars equals one dollar).

Is it feasible for me to return?

Terraform Labs founder Do Kwon stated on Twitter that they were attempting to put the approach of regaining UST value into practice.

14/ Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the #LUNAtics. Short-term stumbles do not define what you can accomplish.

It’s how you respond that matters.

— Do Kwon 🌕 (@stablekwon) May 11, 2022

There are also rumors that Terraform Labs is working with investors to help Terra Luna and UST regain their worth. Inflation in the United States has impacted cryptocurrencies, including Terra. According to data released yesterday, inflation has remained at a 40-year high. The rationale for this is that it will encourage the Federal Reserve to continue raising interest rates.

Highlights of Content:

What now for Terra Luna, which is down 99 percent and trading at half a dollar?

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