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8 Confirmed Suicide after Cryptocurrency LUNA Crush – Coin drops 97% in 24 hours

Investors in cryptocurrencies never expected to have to decide whether TerraUSD (UST) or LUNA would hit $1 first. As the Terra ecosystem disintegrated on Wednesday, that topic became the talk of the crypto sphere.

Luna’s price dropped from $54.36 early Monday to $3.71 at the time of writing. Needless to say, a lot of money has been lost in a short amount of time. Luna is currently worth $7.34 if you purchased it six months ago for $100. That’s right if you bought $100 of Luna just 24 hours ago, it’s currently only worth $12.67.

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Terraform Labs co-founder Do Kwon took to Twitter to outline his rescue plan as the algorithmic stable coin UST lost its dollar peg, plunging to a low of roughly $0.30. According to CoinMarketCap, the value of sibling cryptocurrency LUNA, which was previously a top-10 crypto project by market capitalization, plummeted almost 98 percent to $0.84. In early April, LUNA was trading for more than $120.

But Luna isn’t the only one who has had a hard time this week. Bitcoin has dropped 5% in the last 24 hours, Ethereum has dropped 4.3 percent, and BNB has dropped 7.7%. Things become worse as you move down the list of prominent coins, with XRP (Ripple) down 5.8%, Solana down 12%, and Cardano down 11.6 percent. All of this happened in a single day.

In the midst of the commotion, Cointelegraph experts Sam Bourgi, Jordan Finneseth, Marcel Pechman, and Benton Yuan hosted an emergency edition of “The Market Report,” which usually airs on Tuesdays, to talk about what happened.

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