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Sunday, February 5, 2023

Crypto Community In Panic As Terra Luna Crashes 98% Due To Unpegged UST

The crypto community is in a major bind today as the UST suffered a major attack, unplugging it and causing an avalanche. The FIAT pegged crypto is considered to be the most stable virtual currency, reflecting the value of the US Dollar. Millions of investors swear by stable coins. Terra Luna, which lost over 98% of its value due to the unpegged UST, has been the major casualty. Foreign investors are not sure if they should sell or hold the stock.

Currently at the time of writing some of the major coins values are as follows in INR

  • BTC is at INR 2,300,170.03 down by -6.08 %
  • ETH is at INR 172,089.00 down by -8.35 %
  • USDT is at INR 77.04 down by -0.42 %
  • DOGE is at INR 7.12 down by -10.55 %
  • TERRA LUNA is at INR 411 down by -84.89 %

In conclusion, the market sentiment is bearish and might continue for some time until it spikes and stabilises.

In contrast, BTC has fallen below the $30,000 mark, while LUNA has fallen sharply. Even as $UST is at an abyssal low, founder Do Kwon has a recovery plan (or so he claims). We should stay calm and weather this storm together. The UST can be re-pegged. It is only a question of when and how. To prevent the crypto bloodbath, Kwon has opened the forum for the community to chip in with their expertise.

Likewise, the Anchor Protocol community is proposing that USDT be re-pegged with the USD. It is hoped that the resolution will provide some relief to the community, many of whom lost their life savings.

The crypto community has slammed Kwon for his unruly haughty behaviour in the past. He has even been alleged to have known about the crash from the start.

While there’s mudslinging, it’s indeed not the founders fault. Attacks on cryptos have brought to light the vulnerability of the entire crypto ecosystem to crypto pirates.

However, the rest of the crypto community remains unaware.


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