Technology

Luna collapses 99% and drags the leaders

black thursday for the cryptocurrencies, who showed the worst side of their volatility: This market lost more than €192 billion worldwide in one day. The moon token lost more than 99% of his quote and dragged the big ones digital currencies What Bitcoin Y Ether.

The first-born fell below $ 26,000 for the first time in 16 months and in seven consecutive days the value has decreased by 26%. For its part, the price of the currency of the platform Etherum crossed the barrier of 2,000 dollars (1,719), a circumstance that had not occurred since July 2021, and its value has already plummeted 32%

The losses were more pronounced in other cryptocurrencies that are part of the ‘top 10’: Solarium lost 50.7%, Cardano 46.2%, and Dogecoin41.3%.

Investors are fleeing cryptocurrencies at a time when stock markets have plunged from the highs of the coronavirus pandemic due to fears about the increase in prices and the deterioration of economic prospects derived from the war in ukraine.

Luna, the “Lehman Brothers” of cryptocurrencies

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Industry insiders yesterday dubbed Luna the “Lehman Brothers” of cryptocurrencies, thus recalling September 15, 2008, when the financial institution declared bankruptcy and caused a domino effect that led to the greatest economic crisis in history.

Specifically, the ‘blockchain’ token earth It fell 99.89% this Thursday compared to Wednesday’s value and was changed to 0.0043 dollars (0.0041 euros). eToro Markets Analyst Gabriel Debach explains that Terra trades on both Luna and the UST algorithmic stablecoin, meaning that rather than being backed by multiple assets it is targeting parity with the US dollar and therefore being a cryptocurrency without volatility. Instead, Luna is a governance token.

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