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Icarus of the Cryptocurrency World

05/13/2022
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  • LHCrypto
  • Bitcoin
  • LUNA
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Bitcoin has been playing to investors' hopes and expectations for quite a while, moving within the 30-45K range; however, this week, it broke down beyond the psychological level of 28'000, a critical support level where all the strongest trends started last year.

Different exchanges even saw BTC "kissing" the levels of 26K and even 25K: then the crypto returned to 28K and above.

From all of the reasons of the fall, the version of the Terra stablecoin fall is leading so far.

Several days ago, UST started falling from its tied 1-dollar level which made Terra burn more UST by coining LUNA.

The plan did not work, and soon, Luna lost 95% of its value too.

Then, to save the stablecoin, the Terra LFG stabilisation fund decided to give a loan in Bitcoins.

This plan did not work either, but it probably was enough to send the already unstable Bitcoin to its yearly minimums.

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