Assets crypto- Terra (LUNA) plunged into the ranks of the top 10 market capitalization cryptocurrencies, and was officially suspended from trading crypto-.
In fact, earlier this week or Monday (9/5), Terra was still in the top four, with one piece valued at up to US$54.
Here are the facts about Terra (Luna) dropping until it was frozen from the crypto market
1. Frozen from Crypto Trading
The crypto asset Terra (LUNA) was officially frozen on Friday (13/5) in line with its recent drop in price.
“Blockchain Terra has been officially discontinued at block 7607789,” wrote the Twitter account @terra_money, Friday (13/5)
The majority of crypto prices had been in the red zone the last few days. In fact, the previous terra plunged deep enough to have the digital currency frozen from trading crypto
2. Dropped out of the Top 10 Cryptos
Terra (LUNA) plunged deep enough to knock the digital currency out of the top 10 market cap cryptos.
Quoting coinmarketcap.com, Thursday (12/5), terra fell 93.89 percent in a day or 98.75 in a week. Now, one piece of terra is only priced at US$1.08. His position also plunged into the ranking of 37 cryptocurrencies.
3. Management will make a new plan
Crypto asset management Terra said it would clean up to clean up and come up with 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, 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.
4. Expected to Drop As a result of the Russo-Ukrainian War
Analyst and Director of PT TRFX Garuda Berjangka Ibrahim Ascustombi revealed that the cause of the Terra (LUNA) crypto asset plummeting was the aftermath of global uncertainty as a result of the Russia-Ukraine war.
He explained that Russia’s invasion of Ukraine in February prompted several countries to impose economic sanctions on the Red Bear Country.
After that, rising prices for food and energy began to emerge and caused inflation in several countries around the world. In response to this situation, 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 was Terra,” he told CNNIndonesia.com, Friday (13/5).
Ibrahim believes that in the midst of global uncertainty, many investors who invest their assets in Terra are withdrawing their money when the price of the currency begins to fall. As a result, the price of terra dropped even more and ended up being frozen in trading on the blockchain.
(feb / vws)
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