The most popular stablecoin, Terra (LUNA) has been providing shock and disappointment to crypto investors with the sudden and major crypto bloodbath. The unexpected event happened in the highly volatile cryptocurrency market — a stablecoin has dropped below US$1 for the de-pegging issue. It seems that despite the drop of Cardano or Bitcoin in recent times, Luna Token is the winner of the recent crypto bloodbath. The rank was always in the top ten cryptocurrency list on the CoinMarketCap. Post-crypto bloodbath, the current price of Terra is US$0.001384 with a rank of 213, a market cap of US$905.35 million, and a volume of US$572.82 million with a 4.13 trillion Luna.
Performance in Crypto Bloodbath
Terra is known as the most constant stablecoin with the US$1 in this highly fluctuating cryptocurrency market. This stability helps to drive profit in crypto wallets for crypto investors who do not want the high fluctuating cryptocurrencies to eliminate additional stress. The Luna Founder, Do Kwon, was focused on offering seamless and instant payments and transfers of cryptocurrency transactions across the world with stability all the time.
Luna was predicted to climb the cryptocurrency market for its large popularity because crypto investors accrued usage fees. The crypto bloodbath started in the first week of May 2022 when Luna started to drop in the form of a general slump in asset prices. It has been observed that Terra (Luna) will be thriving in 2021 and the global economic conditions, geo-political issues, pandemics, and many more have started affecting the cryptocurrency price.
Mixed reviews from crypto investors
Crypto investors are providing mixed reviews about the recent crypto bloodbath of Terra (LUNA). The pieces of advice from professionals are that crypto investors must reap the benefits of the cryptocurrency price to start looking out for more opportunities for smart investment. The highly volatile cryptocurrency market is popular for suffering from a sudden hit and crash including altcoins, stablecoins, memecoins, and many more. It has been suggested to try to minimize the loss or purchase the dip by selecting the right cryptocurrency exchange platform to make a difference during this major fluctuating period of time.
Whereas, some crypto investors are so involved with driving profit through the stablecoin, Terra, that the sudden crypto bloodbath has created a drastic effect on them. They invested their money and time on the objective to drive profit with the utmost stability. But the sudden major drop made them helpless and lost all the money instead of profit. Terra was known for providing stability and has suddenly vanished from the highly volatile cryptocurrency market. It has been recognized that no cryptocurrency is safe from volatility and fluctuation across the entire cryptocurrency market for crypto investors.
What’s Next After Crypto Bloodbath?
The sudden crypto bloodbath has made Terra or Luna Token the winner in 2022 with the reasons being still vague — system’s fault or deliberate cyberattack, and many more reasons are being speculated. Even the effort to restore the dollar-pegged Bitcoin reserves miserably failed. Thus, the validators decided to halt the blockchain to protect Terra from the risk of economic attacks across the financial sector worldwide. Binance crypto exchange platform has suspended any withdrawal on Terra in response to the fall of the Luna Token. The entire legal team of Terra has resigned amidst this crypto bloodbath for multiple reasons — drastic effects on reputation, financial status, high volatility despite being stable, and many more.