In a stunning turn of events, the price of Terra(Luna) on the open market has crashed, leaving many investors reeling
In what can only be called a “crypto bloodbath,” the crypto price of Terra(Luna) has plummeted in recent hours.
At the time of this writing, one Terra(Luna) is worth just $02.20 USD on CoinMarketCap, down from a peak of over $31.00 only a few hours ago.
Rank: 90
So, what’s going on? Why is its price crashing? And what does it mean for holders and investors? In this article, we’ll try to answer all those questions and more.
LUNA has fallen 92% from its all-time highs at the time of writing, while its “stablecoin” UST is 75% below parity with dollars. In an effort to save Terraform Labs billions in market cap losses due to LUNA’s dramatic collapse, Do Kwon announced: “several remedial measures” that will be taken as soon as possible but are not yet ready for release since they need more time and analysis first!
They plan to mint four times more UST than usual, which is a crypto term coined by “Kwontatives easing” – or money printing!
Some analysts are predicting that this could be the beginning of a long-term bearish trend, while others believe that the price will rebound in short order, and the token Terra(Luna) could be back to all-time-highs(ATH).
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Disclaimer: Crypto assets are unregulated in Australia and other countries and are highly speculative. No consumer protection. Capital at risk.
The article’s writer Noah Jones did not hold any positions in assets or companies mentioned in this article on the date of publication. His opinions are articulated herein, and the reader accepts that some opinions could change as a result of newer information being revealed.
He has over 7 years of experience in crypto trading.
noahjones@crypto.auz.net
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