Stablecoins are facing a massive threat in the current cryptocurrency market today, and it is because of the bearish market that the world is currently seeing now. It links to the enormous drop in recent times. TerraUSD (LUNA) is one of the stablecoins that saw a massive decline in the current market, and this is despite the coin’s effort to keep it afloat.
Stablecoins are Dropping in the Market: Is this its End?
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GERMANY, BONN – APRIL 06: This illustration photo shows various dollar banknotes and physical Bitcoin, Ripple, Litecoin and Ethereum coins, on April 06, 2021 in Bonn, Germany.
Stablecoins are seeing a massive drop in the market, and it is a chain reaction to the recent cryptocurrency drop that brings a significant change in the industry that was thriving weeks before its crash. The only thing that the public aims to have now is to have it back and thrive, but it seems to be a long shot as there are massive needs that the market aims to meet.
The Verge’s report talked about the chain reaction that happened in the recent events in the crypto industry, and the publication said that TerraUSD brought a massive shock to the world regarding this happening.
Now, crypto investors are all looking to recuperate their losses and look at another stable coin to help them earn and invest their money in the market.
Read Also: DeFi Market Records $83B in Losses Following Stablecoin Terra’s Slow Demise
TerraUSD Blockchain Rebrands to Terra Classic
Browsing cryptocurrency platforms now paints TerraUSD to have a different name already, and it is the decision of the people behind the blockchain to rebrand during these trying times. TerraUSD is now “Terra Classic,” and there is new crypto under the LUNA blockchain to arrive with Terra V2, now available in the listing but not yet for its trade.
Cryptocurrency’s Latest Status in the Market
Terra is one of the cryptocurrencies that faced a massive crash in the market in the initial drop in blockchains, and it gave users a significant change in how they go on their investments and transactions. Some blockchains and coins maintained their prices, with some bordering on their safety net as the market seems to hold on to its status.
One of the massive players in the entire crypto world, Bitcoin, also faced this enormous letdown, and many investors are looking into transferring their assets or still believe in its performance. While many HODLers are looking to keep their coins, some are dropping out of the market due to massive financial losses as they lost almost half of their valuation.
Some say that the cryptocurrency market is healing, but it is not quite what it shows on the current charts on different platforms available online. One of the many features that people need to focus on is arranging and managing their finances in the industry. However, for TerraUSD fans and investors, it may be a hard one as many already see it as a dysfunctional cryptocurrency.
Related Article: Ukrainian Man Lost Almost All of His Savings After Crypto Stablecoin Collapse
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Written by Isaiah Richard
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