Over $700M liquidated as Terra (LUNA) crashes below $1

                                                            Terra führt weiterhin die marktweite Korrektur an, da LUNA unter 1 $ gefallen ist, was einen wöchentlichen Rückgang von fast 99 % bedeutet.  Bitcoin und die Altcoins schreiben ebenfalls rote Zahlen, wobei die Gesamtliquidationen täglich 700 Millionen US-Dollar übersteigen.

• CryptoPotato reported earlier today that the accumulated market capitalization of all cryptocurrency assets had lost over $400 billion in less than a week, falling to a 10-month low of $1.350 trillion.
• The landscape has only worsened since then as BTC failed at $31,000 and started dumping again. A few minutes ago marked the primary cryptocurrency at $29,000 (on Bitstamp), its last low since July 2021.
• As is usual, the altcoins are in no better shape. just the opposite Ethereum is down 10% below $2,200, BNB is below $300 (-15%) while SolanaAvalanchePolkadot, Dogecoin and many others have lost over 20% daily.
• However, no other coin has suffered as much as Terra’s native cryptocurrency – LUNA. The saga that unfolded over the last week or so that resulted in UST being de-pegged from its rumored $1 price meant that users were being ripped off from the arbitrage could benefit from LUNA.
• Hence, the selling pressure led to a massive price drop for LUNA, which fell below $1 earlier today. Just for reference, the asset was trading at $90 six days ago. That means it’s lost about 99% of its value in less than a week.

LUNA/USD. TradingView

• Of course, this heightened volatility caused massive pain to over-leveraged crypto traders, with total liquidations skyrocketing to over $700 million in 24 hours. The number of liquidated trades is close to 300,000 and the largest single liquidated order was placed on Binance worth $20 million (ETHUSDT) made.