As a person living in a sanctioned country like Venezuela, Terra Luna crypto is my only investment option right now. It’s very scary now with the LUNA crash.
I wish I could diversify it and invest in ETFs and stuff like that, a Reddit user with ID “asdrubalivan” wrote on Friday on the main cryptocurrency discussion board.
“Imagine you went on holiday for a week, totally switched off from crypto, then came back to see a top 10 token in the toilet,” notes another user who goes by the name “KalSereousz”.
Adds another user, “I’ve never seen wealth destruction happen that quick. For any asset class or any time.”
A few weeks ago, Luna, the Terra Blockchain cryptocurrency, was one of the hottest currencies in the game. According to market estimates, it was one of the 4 most important cryptocurrencies.
Now, its value is zero and the Reddit community where Luna owners gather and talk has put a lot of suicide prevention posts posted on the community page. Two weeks ago, Luna saw its value drop to zero. In fact, all Luna owners now hold a cryptocurrency that does not cost even a penny.
In Terra, Luna is not only crashing, but also TerraUSD, which should be marked at US $ 1: 1. At USD 1 to May 9, TerraUSD now costs less than 20 cents, indicating that in the real world of cryptocurrency, no matter what you think, it has no tangible value and the institutional approach can guarantee any value. it holds.
Luna has now been removed from the list of major crypto trades, including WazirX and CoinDCX. “We will make Binance a free transfer so users can withdraw their Luna funds,” WazirX said in a statement.
But Luna and TerraUSD are not the only cryptocurrencies you can see their numbers drop last week. While that is a critical situation – when Luna loses everything and turns to dust – almost all autumn cryptocurrencies are free.
Bitcoin, which once sold for over $ 50,000, now has a value of $ 28,000 and is declining. The same goes for Ethereum, which also saw its price drop by about 20 percent over the past 10 days.
Experts estimate that about $ 800 billion worth of assets have been removed from the cryptocurrency market as many have tried to sell any crypto currency they have.
The result is that cryptocurrency communities on Reddit and around the world are in big trouble right now. While many want to get out of the crypto space, some still believe in “HODL.”
“As a resident of an approved country like Venezuela, crypto is my only investment option right now. It is very alarming now about the LUNA accident.
I wish I could split it up and invest in ETFs and things like that, “Reddit user with ID” asdrubalivan “wrote Friday on the cryptocurrency chat board.
“Imagine going on vacation for a week, completely turned off the crypto, and then coming back to see the top 10 tokens in the bathroom,” notes one user who goes by the name “KalSereousz”.
He adds another user, “I have never seen the destruction of wealth happen so quickly. For any category of property at any time. ”