Cryptocurrency implosion: LUNA drops 99% and its subreddit is filled with suicide messages (and Bitcoin, below $27,000)

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“Bitcoin is sinking and looks into the abyss of the $30,000 valuation,” we stated three days ago. And since then, things have only gotten worse: this morning the most popular cryptovisa it has come to trade below 25,000 dollars, and right now it is around 26,700. The thing is not better for the rest of the cryptocurrencies: Ethereum, Solana, XRP or Cardano are falling much more strongly.

And all this while the Coinbase cryptocurrency platform reports worse-than-expected results, plummets 26% on Wall Street, and its CEO acknowledges that in the event of a “hypothetical” bankruptcy, investors would find it difficult to recoup their cryptocurrency investments.

Consequence? Selling panic, of course. But in the midst of this disaster, there is a situation whose drama stands out above the rest: that of the TerraUSD and LUNA coins, owned by the same entity.

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The unstable ‘stablecoin’ that has produced a dramatic butterfly effect

When three days ago we addressed the Bitcoin meltdown, we analyzed that one of the factors that was influencing this was the recent destabilization of a ‘stablecoin’ —it doesn’t do much honor to the concept, no— called TerraUSD, theoretically designed to maintain parity with the US dollar.

However, in the last few hours this cryptocurrency has reached quote at $0.22and its founder Do Kwon has announced your willingness to sacrifice your other token (LUNA) to save the stablecoin.

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Of course, this has caused MOON has already fallen 99%, turning into smoke what until Saturday were true fortunes in cryptocurrencies. If a few weeks ago this crypto was trading at $120, it is already below $1.

Price

MOON Quote

Let’s add to this that Binancethe leading cryptocurrency exchange platform, has temporarily suspended withdrawals from LUNA claiming that they were congesting the network, which has prevented selling to many users who wanted to flee from the stock market massacre.

Thus, those who invested their money in this cryptocurrency —which many had placed as one of the 10 most valuable cryptocurrencies— have begun to congregate in the forum dedicated to it on Reddit to fill it with multitude of users reporting having lost all their savings overnight.

The growing desperation of the messages has, in fact, caused the administrators of the subreddit have been forced, finally, to close the publications and put as fixed —to increase their visibility— the American ‘phones of hope’ by the number of users (it has 44,000 members) who claimed to be considering suicide:

Subreddit

“I have lost over $450,000, I can’t pay the bank. I will lose my house soon and become ‘homeless’. Suicide is the only way out for me.”

Suicide

Imagen | Tim Rechmann

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