Twitter tells the story of BTC, LUNA crash

As the cryptocurrency market experiences its worst crash in years, Twitter is ablaze with red-striped charts suggesting another crypto winter has arrived.

The big downturn came during a bearish week for Wall Street stocks, a correlation that has not escaped notice:

Despite experiencing the most horrific fire drill in recent history, some traders tried to joke about the exhausted days spent in front of their computer screens watching assets fall through the floor.

In case you were wondering, the mystery chart turned out to be the price of Luna coin, the cryptocurrency token intended to support the floundering Terra USD stablecoin – which was designed to remain consistently valued at $1 but have fallen below the market price in recent days. 40 cents fell. Luna, meanwhile, fell from nearly $120 in early April to about 1 cent this Thursday.

Luna’s dramatic demise could become one of the most dramatic events in crypto’s short history.

But plenty of other tokens are in their own world of pain. Litecoin, for example, which ranks in the top 20 cryptocurrencies by market cap, has to do with pre-pandemic (i.e. pre-crypto-mania) prices.

Even Bitcoin – the world’s largest cryptocurrency, with a market cap that exceeded $1 trillion at its peak – is in trouble. This chart shows that Bitcoin has not only fallen below its January 2021 price, but has thousands more to go before it hits a calculated support line — pointing to the low where you would normally expect people to start buying the dip, causing the price up again.

A data analytics firm, meanwhile, seems optimistic that the support line is close, but that hardly detracts from the chart’s overall ugliness.

Ethereum, the second largest cryptocurrency, has also fallen to pre-2021 levels as the community licks its wounds and waits for support to arrive:

And Coinbase, the cryptocurrency exchange platform that had a blockbuster Nasdaq IPO near the height of crypto fanaticism last year, isn’t doing any better:

But if this is all too much, maybe it’s time to take a break from DexTools – and try to maintain the confidence you still have. Hold on, WAGMIA

Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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