Uncertainty grips the cryptocurrency market

When I describe in the title of this publication that uncertainty is gripping the cryptocurrency market, I do so thinking of the disaster left by the price collapse experienced by the cryptocurrency Luna in the last few days.

The price collapse experienced by the Luna cryptocurrency in recent days is the biggest chaos that has occurred in the cryptocurrency market since, according to financial data, the alarming loss of Luna's price has cost the crypto market more than 200 billion dollars.

Luna's collapse has been a very negative trigger for the cryptocurrency sector, as it has suffered the first major crisis in its short history, considering that the fluctuations of Bitcoin, Altcoins and Stablecoins responded to a normal pattern in the economic and financial world.

For those who still do not know the situation Luna is the stablecoin governance token UST is a cryptocurrency pegged in value parity to the US dollar and the whole ecosystem is built around UST, and both lost their prices at percentage values above 90% fact that triggered fear in the whole cryptocurrency market.

What happened with Luna generated what in my town they call "domino effect", that is, the price collapse caused fear to be installed among investors of cryptocurrencies such as Bitcoin, Ethereum, Cardano, Tron, and even in investors of our local currency.

While it is a matter of course that not all projects within the blockchain work, the scenario that Luna has experienced has filled the entire cryptocurrency market with uncertainty, and it will most likely take time for us to recover from this unfortunate tragedy.

Arijit Sarkar Terra (LUNA) trading volume surge 200% as market adjusts to death spiral. Link

The cover image was designed by the author: @lupafilotaxia, incorporating image: Outlookindia