Market Effects of TerraUSD Crisis Continues: LUNA’s Total Supply Approaches 7 Trillion!
The TerraUSD (UTS) crisis experienced last week caused a huge selling pressure in the cryptocurrency market. While LUNA regressed to the price levels of $ 0.0001, Bitcoin pinned the price levels of $ 24,500 last week. Terraform Labs CEO Do Kwon was also unable to manage the process, and many investors suffered huge losses, notably Galaxy Digital CEO Mike Novogratz’s average estimated $300 million loss.
The Market Effects of the TerraUSD (UST) Crisis Continuing
There was a major UST crisis in the cryptocurrency market, with the stable cryptocurrency TerraUSD (UST) of the Terra blockchain falling below $1. The native cryptocurrency of the Terra blockchain, LUNA, has dropped from the $119 ATH level it recorded an average of 1 month ago to the price levels of $0.0001. Bitcoin (BTC) has dropped to $ 24,500 price levels in the past week. The total market value of cryptocurrencies has also fallen sharply, with $1.2 billion worth of Bitcoin positions liquidated last week due to the high volatility in the market, according to Coinglass data.
LUNA’s Total Supply Approaches 7 Trillion
Although the leading cryptocurrency Bitcoin (BTC) rose to $ 31,500 price levels with the upward movements it recorded after falling to the price levels of $ 24,500 last week, it started the new week with bearish price movements and started to be traded at the price levels of $ 29,000 again. Ethereum (ETH) also declined below the $2,000 price levels after depreciating in the last 24-hour timeframe.
Terraform Labs CEO Do Kwon was unable to manage the process, and the total supply of Terra blockchain’s native cryptocurrency LUNA reached 6.9 trillion, a massive increase. On the other hand, LUNA, which was among the top 10 cryptocurrencies in the market capitalization ranking before the UST crisis, also recorded a great decline in the market capitalization ranking.