Twitter tells the story of BTC, LUNA crash


As the cryptocurrency market burns through its worst crash in years, Twitter is ablaze with ominous-looking charts suggesting that a new crypto winter is here.

The great downturn came during a bearish week for Wall Street stocks, a correlation that didn’t escape notice:

Despite living through what must be the most nightmarish slog in recent memory, some traders tried to joke about the frazzled days spent glued to their computer screens, watching assets fall through the floor.

If you were wondering, the mystery chart turned out to be the price of Luna coin, the cryptocurrency meant to buoy the floundering Terra USD stablecoin—which was designed to stay consistently valued at $1 but sank to under 40 cents in recent days. Luna coin, meanwhile, dropped from nearly $120 in early April to roughly 1 cent this Thursday.

Luna’s untimely demise may ultimately prove to be one of the most impactful crypto developments in the tech’s short history.

But plenty of other tokens are in their own worlds of pain. For example, Litecoin, which ranks among the top 20 crypto tokens by market capitalization, is down to pre-pandemic (i.e. pre-crypto mania) prices.

Even Bitcoin—the world’s largest cryptocurrency, with a market capitalization that surpassed $1 trillion at its peaks—is in trouble. This chart observes that Bitcoin has not just dropped below its January 2021 price, but also has thousands to go before it reaches a calculated support line—which refers to the low point at which you would normally expect people to start buying the dip, thus bringing the price back up.

A data analytics firm, meanwhile, seems optimistic that the support line is close—but that hardly distracts from the graph’s overall ugliness.

Ethereum, the second-largest cryptocurrency, has also dropped to pre-2021 levels while the community holds its breath and hopes for support to kick in:

And Coinbase, the cryptocurrency exchange platform that had a blockbuster Nasdaq IPO last year near the height of crypto fanaticism, isn’t faring any better:

But if it’s all too much, maybe it’s time to take a break from from DexTools—and try to keep whatever faith you have left. Hold on, WAGMI!





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