News

South Korean crypto enthusiasts wagered on Luna rising from the ashes

South Korean investors have recently poured into Luna, a stablecoin that lost 99.99 percent of its value the other week when its linked stablecoin TerraUSD fell, believing they had nothing to lose.

South Korean crypto enthusiasts wagered on Luna rising from the ashes

South Korean crypto enthusiasts wagered on Luna rising from the ashes

Luna was one of the world’s most popular cryptocurrencies, and its demise, along with TerraUSD, caused havoc throughout the crypto spectrum worldwide, with bitcoin losing almost one-fourth of its value between May 9 and May 12.

Luna, which was worth about $100 in late April, is now trading at a fraction of a penny – so short there had been a rush of purchasing from speculators relying on a miracle recovery, with a few sticking to the belief that it’s simply too big to fail.

On Tuesday, South Korea’s Financial Services Commission saw an unanticipated increase in purchases and cautioned the public to avoid investment in Luna as a response.

According to an FSC source who requested anonymity, the number of persons who invested in the defunct cryptocurrency grew by more than fifty percent in just over two days across South Korea’s biggest exchange platforms, having a high of 280,000 as of May 15.

Terra LUNA

The time for speculating is coming to an end, as two of South Korea’s major exchanges, Bithumb and Upbit, have declared that they would cease exchange assistance for Luna on May 27 and May 20, correspondingly. Coinone has also banned cryptocurrency deposits in anticipation for a possible delisting on May 25. This lowers the available time for speculation.

The transaction has had no substantial impact on the token’s price. It has ranged from one-hundredth and four-hundredths of a cent throughout the previous week. Yet, authorities are concerned about South Koreans’ proclivity to dabble in unpredictable and risky assets like as stocks and crypto, particularly among younger demographics.

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

Jai Hamid

CoinCu News

Victor

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

1 hour ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

1 hour ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

1 hour ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.