10.08.2022
Chicago 11, Melborne City, USA
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Terra crash sends bitcoin index into ‘extreme fear’ By Investing.com

The crypto-currency sector again went into the red on Monday after a fateful week for this industry.

According to QCP Capital, the collapse of Terra (LUNA) marks “the biggest wealth destruction event in the brief history of the crypto market.”

The Terra USD stablecoin has lost 1:1 parity against the US dollar and is trading at 0.13, down 23%.

Meanwhile, Bitcoin is returning to the $30,000 mark, although last week it was at its lowest level since December 2020, losing 15% of its value. Until May, he lost more than 21%.

The Bitcoin Fear and Greed Index is currently at one of its lowest points, indicating “extreme fear.”

According to CoinGecko, more than $400 billion has been erased from the crypto market in the last 7 days. According to MarketWatch, all sectors of the crypto space suffered double-digit losses over this period, with cryptocurrencies associated with Web3, or the so-called next generation of the Internet, showing the biggest losses – by an average of 41%.

Written by Laura Sanchez

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