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“The crypto market already has its own Lehman Brothers”: how the collapse of the Luna digital currency shook the rest of the cryptocurrencies

  • Cecilia Barria
  • BBC News World

Bitcoin

image source, Getty Images

It lost all its value overnight.

The Terra Luna cryptocurrency plummeted from $118 to $0.09 on Thursday. And the collapse had a domino effect on a digital currency directly linked to it, Terra USD, which belongs to the group of so-called “stablecoinsor stablecoins.

The collapse of both currencies ignited panic among some investors who embarked on a cryptocurrency sell-off, leading to a general decline in the sector.

This occurs when analysts have been discussing for several months about the possible arrival of a “crypto winter”; that is, a sustained decrease for several months in the value of digital assets.

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