The amount of LUNA released has been officially determined.
Last week, the collapse of the Terra ecosystem’s two cryptocurrencies, UST and LUNA, had turned the digital asset market upside down. After the UST lost its $1 peg, the LUNA Foundation launched new LUNAs to raise the price. The unlimited amount of Luna printed caused Inflation and depreciated on a massive scale.
The total amount of LUNA that the Foundation puts on the market
With the stable coin of the Terra ecosystem, UST, hanging below $1 on May 9, a major collapse that affected all cryptocurrencies was ignited. Although the Luna Foundation made great efforts to raise the UST to the level of $ 1 again, it was not successful.
While the Luna Foundation was selling more than 3 billion dollars of Bitcoin, which it held as a reserve, on the US Gemini and Binance exchanges, it tried to save UST by offering new LUNAs to the market. Indeed, despite all efforts, the LUNA Foundation’s recovery plan did not work.
The UST suffered a massive collapse last Friday, falling as low as $0.00037 on Friday. The Luna Foundation gave up LUNA to save the UST, and more than 6.9 trillion LUNA were printed. As the LUNA supply hit a record, the price dropped to $0.00000112.
Afterwards, Do Kwon continued to invest in his tweets and luna supporters. Finally, Terra Luna rose to the level of 0.00025.
Big losses for investors
Thus, LUNA, which reached almost $120 in April, was reset within 1 month. The money of those who invested in LUNA, the popular crypto money of recent times, has melted.
Many investors lost billions of dollars after the fall of luna. In addition, the increase in the trading volume increased with the re-activation of Terra Luna on Binance.
After the collapse of LUNA and UST, Bitcoin dropped to $26,700 last week, hitting a 1.5-year low. After seeing the bottom, Bitcoin, which rose above the 30 thousand dollar level again, could not maintain its permanence here.
The leading coin fell from 30 thousand dollars to 28 thousand 715 dollars with a loss of nearly 6% in the past day. Bitcoin is recovering in the following minutes and is trading at $ 29 thousand 160.
In order for the rises to continue in Bitcoin, which has been following an indecisive course in recent days, it is necessary to maintain a permanence above the 30 thousand dollar pivot level. Analysts highlight the next resistance point as $32,500 if the price exceeds $30,000 in Bitcoin. In a possible decline, the level of 27 thousand 559 is indicated as an important support.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.