Cryptocurrency Luna has lost 100% of its value in just seven days and is now at 0
The cryptocurrency market has been in wild collapse for the past few weeks.
On May 13, the sibling token of stable coin TerraUSD Luna plummeted to $0, a 100 per cent loss in value. On April 5, it reached an all-time high of $116.
According to Coinmarketcap, the token’s market capitalization has dropped from about $40 billion to around $6 million in the last seven days.
The fall of Luna began when its sibling token, UST, a stablecoin, was ‘depegged’ from its $1 value when significant investors began to dump it.
Meanwhile, Binance, the world’s largest crypto exchange, temporarily delisted UST and Luna on May 13. Binance CEO Changpeng Zhao said that while the firm “always aims to be neutral,” it “will break that rule this time.”
After worldwide exchanges, WazirX, Coinswitch Kuber, and CoinDCX, among others, have delisted Luna.
The cryptocurrency market has been in wild collapse for the past few weeks. The price of bitcoin is currently Rs 22.85 lakh. Since hitting an all-time high of $69,000 in November last year, the world’s largest cryptocurrency has plunged 35.75 percent YTD and lost more than half its value.
Exchange of cryptocurrencies Coinbase lost over a third of its worth this week, as the cryptocurrency trading platform reported a 19 percent drop in active monthly users in the first quarter due to the drop in crypto values.