Cꦬryptocurrency markets are in the midst of a meltdown, with analys𝓡ts warning of a “ripple” effect from the apparent failure of Luna and stablecoin terraUSD.
reports that the meltdown has wiped nearly a trillion dollars from the wider cryptocurrency market, reducing total market capitalization to its lowest since late 2020. Luna, a cryptocurrency used to back terraUSD, over the past five days, losing investors a🔜 total of $25 billion.
Luna is a special case in the cryptocurrency markets. TerraUSD is an algorithmic"stablecoin," which is designed to closely peg its own value to the US dollar. To do that, it used a computer algorithm to buy and sell Luna, a cryptocurrency it holds in reserve to stabilize the valueꦫ of terraUSD. But when Luna crashed, so too did terraUSD, which is no longer valued anywhere near parity with the US dollar.
Analysts fear that this is causing a ripple effect in the wider crypto market. Bitcoin is currently trading at $29,000, down almost 18% over the paღst five days. Other cryptocurrencies such as Ethereium, Solana, Cardano, and others are down anywhere from 25 to 33%, according to F💞orbes.
This crash highlights the volatility of the cryptocurrency market and follows a similar crash in another blockchain-based technology. 168澳洲幸运5开奖网:NFT sales are down 92% according to data gathered by the Wall Street Journal, as owners hold onto their assets amidst a public backlash. NFTs and blockchain technologies in general are 168澳洲🐽幸运5开奖网:widely seen as detrimental🃏 to the environment and efforts to combat global climate change. In addition, the completely unregulated market 168澳洲幸运5开奖网:seems to suffer a 🎶new scandal𓂃 every week as 168澳洲幸运5开奖网:NFT pushers scam investors in get-rich quick schemes.
For gamers at least, the fall of cryptocurrency markets means that video card 🤡prices appear to finally be stabilizing. As demand for GPUs plummet with falling crypto prices, more gamers will final🃏ly be able to aff🌸ord an upgrade.