News

‘I Lost My Life Savings’: Terra Luna Cryptocurrency Collapses 100% Below 0.15$

The price of cryptocurrency Terra (LUNA) has dropped by more than 99% and many investors have lost a whole lot of money. 

‘I Lost My Life Savings’: Terra Luna Cryptocurrency Collapses 100% Below 0.15$

The digital coin, which was ranked in the top 10 most valuable cryptocurrencies, peaked at $119 (AU$171) in April, before seeing a steady decline throughout the backend of the month down to $76 (AU$109). 

Investors must have believed they were out of the frying pan when the coin recovered in late April and climbed back up to $99 (AU$144).

But as they say, out of the frying pan and into the fire. 

This week saw a mass crash of the crypto market, and it seems LUNA took the hardest hit, dropping to less than $1 in value. 

The dramatic drop saw the cryptocurrency lose 97.4 per cent of its value in the space of just 24 hours with its market cap going from above $40 billion (AU$40b) to just $500 million (AU$720m).

It is perhaps the most unprecedented loss from any leading cryptocurrency in quite a few years.

As you can imagine, crypto traders are understandably not taking the loss well.

Members of r/TerraLuna took to the subreddit with some pretty harrowing stories:

‘I Lost My Life Savings’: Terra Luna Cryptocurrency Collapses 100% Below 0.15$

One member wrote: “I’ve lost all my life savings. Had bought Luna at $85, not sure what to do.”

Another user wrote: “This seems unreal I can’t believe this is happening, I basically lost 60k overnight with what could have been considered a risk-off asset 3 days and I can’t do anything about it.

“Can’t sell, can’t buy, I can just watch it burn. This is insane. What the actual f**k.”

Leading crypto exchange Binance had temporarily suspended withdrawals on Terra (LUNA) at one point during the crash.

The subreddit pinned a thread containing National helpline numbers to the top of their thread after some pretty upsetting recounts from its users.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

22 mins ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

30 mins ago

Bitcoin Price in 2025 Will Reach $200,000: Bernstein

Analysts at Bernstein predict Bitcoin price in 2025 could reach $200,000, driven by factors like…

1 hour ago

Bitfinex Alpha Predicts Storm Brewing in Crypto Market

The latest report by Bitfinex Alpha: "The Calm Before the Storm," provides insights on the…

2 hours ago

Binance Listing Fees Are Causing Fierce Controversy In The Community

The crypto community is in a heated debate over Binance listing fees and the exchange’s…

2 hours ago

Dogecoin Price At Critical Junction Where Support And Resistance Touch, Is It Better To Buy This DeFi Altcoin For 5,000% ROI This Month?

The Dogecoin price has reached a critical turning point between support and resistance, sparking interest…

2 hours ago

This website uses cookies.