Bitcoin and Ethereum prices plummet The Cryptocurrency Market Value Drops Over $1 Trillion in 6 Months
Today (14 May 65) The Wall Street Journal reported on Friday (13 May) that the market value Over $1 Trillion of Cryptocurrencies Lost in Just 6 Months
Bitcoin and Ethereum prices hit record highs of $67,802 and $4,800, respectively, in November last year, but as of May 13, 2022, Bitcoin and Ethereum fell. then 58% and 60% respectively from the highest level As a result, the crypto market has lost $1 trillion in value over the past six months.
The market cap crypto It is halfway down from the previous high. As of May 13, 2022, the crypto market cap was around $1.2 trillion.
Meanwhile, recently the price of TerraUSD (UST), a stablecoin issued by South Korean company Terra, has fallen sharply. and affect the crypto market As a result, the overall decline Binance Global Cryptocurrency Trading Platform take off the coin Luna and UST exit the trading board Prior to the announcement of the return of Luna and UST once more, with all swap and IBC channels still closed.On May 13, 2022 at 9:00 p.m. Thailand time
Over the past week, Bitcoin, the No. 1 market cap, fell 16.54%, Ethereum, the second largest, dropped 22.96%, and BinanceCoin. which has the fifth highest market cap, falling 22.23% As the Federal Reserve’s aggressive hike in interest rates to stem inflation to a 40-year high has prompted investors to sell risky assets such as cryptocurrencies and stocks from their portfolios. too
However, Terra’s co-founder, Do Kwon, offers a “Terra Ecosystem Restoration Plan” and details the Terra Ecosystem Restoration Plan through Terra’s Research Forum. “Right now, a number of communities and review groups are discussing the release of an upgrade for the Terra network to complete the ecosystem from the UST peg fall, where they want to offer their views on the Terra. In my opinion, what form should this upgrade take? As of now, UST still has a market cap of several billions of dollars and the value of the Luna token has dropped to almost nothing. center Even though UST will eventually have to regain peg prices following most buyers and sellers have surrendered.
The holders of LUNA have also been wiped out and their losses are devastating, leaving us without an ecosystem to build everything back from the losses. While a decentralized economy does not require centralized money, UST users have lost considerable trust. Terra’s ecosystem restoration plan, as mentioned above, will reset Terra back to 1 billion LUNA and distribute it to holders on a pro-rata basis.
– 40% will be distributed to LUNA holders before the UST peg drop occurs.
– 40% will be distributed to UST holders prior to the new network upgrade.
– 10% will be distributed to LUNA holders before Terra’s network is down.
– 10% will be kept in the community pool to finance future developments.”
Information from: Wall Street Journal, siamblockchain
Picture from: AFP
