Terra (Luna) cryptocurrency falls from US$ 116 to one cent

It’s almost the end. The cryptocurrency Luna, of the foundation Terra, is dying this Thursday by falling to the value of 0.01 dollars, a cent, when more than a month ago it was worth 116.

In case of Luna would pass as one of the many failures in the market of cryptocurrencies, but its importance was so great that it was among the top 10 currencies with the highest capitalization in the world, so its abrupt fall It has caused chaos in the community, with sad cases of people who have lost all their savings.

The final goodbye to Luna?

We already explained in an article why the moon Cryptocurrency, of the protocol Terra, had entered an acute crisis and it was due to the creation of a stable currency called Terra USD (UST) and the governance it maintains over it.

The market downturn prompted Luna fall in value, generating inflation in the pair of UST. Also, the foundation Terra also held bitcoin reserves to maintain the 1:1 parity of the UST with US dollars, and with joy cryptocurrency downchaos gripped the system.

Some argue that millionaire partners began to play against Luna, taking out millions of dollars in money and exacerbating the problem. Beyond this theory, the reality is chronic: from being worth 116 dollars at its maximum peak in April, this Thursday it is trading at one cent.

Social assistance in the midst of chaos

Forums and communities have seen how chaos has taken over the internet. Hundreds of users recounted experiences of how they invested money from mortgages, loans or savings in this project and have seen how they have vanished.

Unfortunately, there have been reports of posts in threads Reddit y Twitter where investors have claimed to be on the verge of suicide at the loss of their money. Because of this, the comments and the Reddit they have begun to highlight numbers of social workers and mental health professionals to avoid this type of tragedies.

The rest of the market is falling, but with values ​​averaging 10%. It is not the first time that it happens and there are even those who take advantage of this fall to add money, expect their values ​​to grow in a matter of minutes or hours, and withdraw with quick profits.

It is important to remember two keys in the investment process in cryptocurrencies: read all about the projects behind the coins we buy and never risk money we are not willing to lose.

We recommend you METADATA, RPP’s tech podcast. News, analysis, reviews, recommendations and everything you need to know about the technological world. To hear it better, #StayHome.

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