Hello everyone -
I won’t sugarcoat it, the last 72 hours have been a rollercoaster.
Bitcoin fell below the $30,000 mark, and many altcoins lost 50-80% in a day.
More importantly, the Terra ecosystem collapsed.
$LUNA - one of the most established and hyped blue chips in crypto used to peg the stablecoin $UST to $1, went from $85 to $0 in less than a week.
In the process, $UST - supposed to be a reliable cash equivalent in crypto - depegged from the $1 mark and has lost 90% of its value at the time of publication.
In short, millions of people have lost a lot of money. Some investors have lost faith in crypto altogether, and overall sentiment has turned incredibly negative.
Some of it is understandable. Those who held $LUNA as a blue chip got totally wiped out.
And those who held $UST as a cash-equivalent savings account with a 20% interest in Anchor took a 90% haircut on their savings.
In short - it’s been a rough week. In fact, this week was likely the worst we’ve seen in the last 24 months o…