Twitter tells the story of BTC, LUNA crash

As the cryptocurrency market burns down for its worst crash in years, Twitter is on fire with red-striped graphics, suggesting a new crypto winter is here.

The sharp slowdown occurred during a bearish week for Wall Street stocks, a correlation that did not escape sight:

Despite working on what must have been the most creepy fire drill in recent memory, some traders tried to joke about the exhausted days spent glued to the screens of their computers, watching as assets fell to the ground.

If you were wondering, the mysterious chart turned out to be the price of the Luna currency, the cryptocurrency token designed to boost the stablecoin Terra USD currency, which was designed to remain consistently valued at $ 1, but sank to less than 40 cents in recent years. days. Luna, meanwhile, dropped from nearly $ 120 in early April to about 1 cent this Thursday.

The dramatic disappearance of Luna could finally be one of the most important events in the short history of the crypt.

But overall, global cryptocurrencies have lost nearly $ 500 billion in the last week, which means many more tokens are in their own world of pain. For example, Litecoin, which ranks among the top 20 tokens by market capitalization, is due to pre-pandemic pricing (i.e., pre-cryptocurrency craze).

Even Bitcoin, the world’s largest cryptocurrency, with a market capitalization that has surpassed $ 1 trillion at its peak, is in trouble. This chart shows that Bitcoin has not only fallen below its January 2021 price, but is also missing thousands to reach a calculated support line, which refers to a low point where probabilities converge so you can expect let people start buying the download. thus raising the price.

Meanwhile, a data analytics firm seems optimistic that the support line is close, but that doesn’t distract attention from the overall ugliness of the chart.

Ethereum, the second largest cryptocurrency, has also dropped to pre-2021 levels as the community licks its wounds and waits for support:

And Coinbase, the cryptocurrency exchange platform that had a nasdaq stock market success last year near the height of cryptocurrency fanaticism, is not doing better:

But if that’s too much, maybe it’s time to take a break from DexTools and try to keep the faith you have left. HODL, WAGMI! Let’s wait.

Source link

Leave a Comment

Your email address will not be published.