Crypto assets terra (LUNA) was destroyed in just a week. Asset crypto- this was even frozen by the management.
At the beginning of last week or Monday (9/5), terra (LUNA) still occupied the position of the top four cryptocurrencies with the value of one chip valued at up to US$54.
On Thursday (12/5), terra fell 93.89 percent in a day or 98.75 in a week. At that time terra was only valued at US $ 1.08 and was in position 37.
Then, terra (LUNA) was frozen on Friday (13/5). “The terra blockchain has been officially discontinued on block 7607789,” wrote the Twitter account @terra_money, Friday (13/5).
Responding to the collapse that occurred, terra management said it would clean up and make new plans. Likewise, Do Kwon, one of the founders of Terraform Labs, admitted that he was preparing steps to save Terra.
“I understand that the last 72 hours have been very difficult for all of you, please know that I am determined to work with all of you to overcome this crisis, and we will build a way out of this,” he said via his personal Twitter account @stablekwon.
According to data coinmarketcap.comas of Sunday (15/5) morning, terra (LUNA) is now at position 206 on the crypto market capitalization ladder with the price of one chip being only US$0.0003971.
The Impact of the Russo-Ukrainian War
The fall in terra (LUNA) is thought to be the aftermath of global uncertainty over the impact of the Russia-Ukraine war.
Analyst and Director of PT TRFX Garuda Berjangka Ibrahim Ascustombi explained that Russia’s invasion of Ukraine last February had caused several countries to impose economic sanctions on the Red Bear Country.
Then, the increase in food prices to energy also began to appear and caused inflation in several countries. In response to these conditions, the US central bank (The Feb) raised its benchmark interest rate to reduce inflation.
“This is where the crypto assets finally came to a screeching halt, as the first victim of this was terra,” he told CNNIndonesia.com.
Ibrahim believes that in the midst of global uncertainty like this, many investors who invest in Terra are withdrawing their money when the price of the currency begins to fall.
As a result, the price of terra continues to fall and ends up being frozen in trading on the blockchain.
(lom / bir)
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