The past two weeks have seen an extreme bear market in the history of crypto. Terra (LUNA) has once ranked among the 10 most valuable cryptocurrencies in the market and had an all time high at the price of $119.5. By May 11, however, the price of the asset had lost about 99% of its value and dropped from $75 to $0.000005 in a few days.
What followed was that the YFII token price on major exchanges suddenly dropped sharply at about 04:15 a.m (GMT) on May 25, falling from $1,221 to as low as $320 in just 15 minutes, equivalent to nearly 74% of the value.
What Contributes to Luna and YFII’s Decline
Terra (LUNA) is designed to maintain the peg via mathematical algorithms and active trading. Recently, the UST has “de-pegged” from its value of $1 for a high selling pressure due to the massive drain from Anchor. Since they are bonded by on-chain mint-and-burn mechanics, that massive short led to sharp drops on both UST and its sister token LUNA. Then the “de-peg” happened.
As for the fall for YFII, most theories pointed out that it was caused by the DFI Money development team deciding to rug-pull. Rug-pull is a form of token release of the project and left to float after the team behind it is no longer interested in the token.
A Problem of Public Trust in Altcoins?
In face of Luna’s big bear market today, the Luna team is contemplating what to do to make Luna recover but on the other hand, can they recover luna? This is extremely difficult to do because it requires a lot of attention from the public and finance to power the project.
The team needs the community to trust them again and give them a second chance but the community is tired of the project due to the huge loss of funds and loss of lives. In fact, there is greater trust in mainstream currencies in the face of the public and the fiscal sector. Meanwhile, mainstream currencies (BTC, ETH, etc.) have shown stronger anti-risk capabilities when dealing with market turmoil. However, I believe that many crypto beginners will have a headache with the complicated mechanism and gameplay of some mature platforms. For beginners, the Bexplus crypto exchange must not be missed. Bexplus’s professional copy trading allows beginners to grow up with veterans at the fastest speed and make their own profits in the crypto market.
Copy Trading: Bexplus’s Best Features Designed for Beginners
Copy trading offered by Bexplus gives every investor who has just entered the market the opportunity to become a veteran. It allows you to copy investment orders from experienced people to let excellent traders make money for you. Copy trading also allows you to customize the proportion of your order copy, set take profit and stop loss, or terminate the copied order at any time. For veterans, you can also get some benefits from your followers. It’s a win-win strategy for both the veteran and the novice.
Bexplus — the Most Novice-Friendly Crypto Trading Platform
Bexplus, a reputable crypto futures trading platform accredited by U.S. FinCEN MSB (Money Services Business) , offers 100x leverage futures trading on a variety of trading pairs such as BTC, ETH, ADA, DOGE, XRP. Meanwhile, It doesn’t need KYC and is popular among 1 million people worldwide. It is also known for the following features.
- 100x leverage to make you obtain maximal ROI as quickly as possible.
- A 100% Deposit Bonus allows you to double your position to earn more money.
- Demo account with 10 BTC for traders to get familiar with leverage trading.
- A Bitcoin Wallet with an annualized interest rate of up to 21%.
- No KYC requirement, registration with Email verification within a few minutes.
- Intuitive and full-featured App on Apple App Store and Google Play.
- 7/24 hours one-to-one service to solve your problems at any time.
- Fast withdrawal without any time limit, and no deposit fee.
The banner of mainstream currencies will never fall. No matter in terms of anti-risk ability or volatility, mainstream currencies have incomparable advantages. Bexplus provides tools with the highest profit margins so that every trader can get his own maximum profit. Click Here to Register now and get your 100% bonus!
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.
Recommended for you
