The price of the Terra (LUNA) cryptocurrency has plummeted by over 99 percent, sweeping out crypto owners’ riches. Around one stage, prominent crypto market Binance briefly banned Terra (LUNA) network withdrawals, preventing even those who needed to sell from doing so.
Terra, one of the top ten most valued cryptocurrencies, fell under $1 on Wednesday after reaching a high of almost $120 last month. In the midst of a market-wide collapse, other coins seem to be in peril.
The brunt of the losses occurred overnight, with a price drop of 98 percent in just 24 hours.
The sudden meltdown saw its market cap plummet from almost $40 billion to only $500 million, triggering in catastrophic losses for cryptocurrency investors.
One contributor of the r/TerraLuna sub-Reddit stated, “I lost all my life savings.” “Had bought Luna at $85, not sure what to do.”