Crypto Investors Lose 'Big Money' After The Digital Coin Loses 97% Of Market Value In 24 Hours

Posted by Sama in Business On 12th May 2022
advertisement

Crypto investors faced a big loss this past week after digital currency Terra (LUNA) dropped by more than 99 percent. 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. It is predicted that this is the most unprecedented loss from any leading cryptocurrency in quite a few years.

advertisement

The price of cryptocurrency Terra (LUNA) has dropped by more than 99 percent and many investors have lost a huge amount of money. 

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

It is believed that the investors might have believed they were out of the frying pan when the coin recovered in late April and climbed back up to $99.

Getty Images
advertisement

However, little did they know that out of the frying pan it will go directly into the fire.

In the past few days, the digital currency has seen a disastrous crash in the crypto market and apparently LUNA took the hardest hit, dropping to less than $1 in value. 

Getty Images
advertisement

The dramatic drop saw the cryptocurrency lose 97.4 percent of its value in the space of just 24 hours with its market cap going from above $40 billion (£32 billion) to just $500 million (£409 million).

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

Now one can only imagine that crypto leaders are not taking this loss well and members of r/TerraLuna took to the subreddit with some pretty harrowing stories.

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

advertisement

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.”

Getty Images
advertisement
advertisement

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.

Make sure to check in on your crypto friends.

Do Kwon,  the creator behind Terra recently took to Twitter to address the situation and the loss that people faced. 

Getty Images
advertisement

He said: “Dear Terra Community: I understand the last 72 hours have been extremely tough for all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this. 

“Together.”

He continued: “The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within.

"As long as these builders, TFL among them, continue to build - we will come out of this together.”

advertisement

In fact, there have been few investors who have been positive in this dire situation, with YouTube star KSI taking the crash as an opportunity.

He tweeted: “In total, I have bought about 100,000 Luna. Sticking it in a wallet and gonna see what happens in a few years. 

“Could be the best/worst trade of my life. I saw an opportunity and I had to take it.”

Getty Images
advertisement
advertisement
advertisement