As BTC is currently at 30920.24 which is the lowest low that BTC reach in 2022 . The war that going on in UKRAINE is one reason for BTC keep making bearish market . It not just the BTC but the stocks, commodities and economy graph showing red number . But, even this was happening , the hashrate of BTC is still high showing that people still trust in BTC for rebound at any moment . The technical analysis is showing an oversell graph waiting for a momentum of bullish in crypto which is technically has been bearish following the BTC movement.
But , surprisingly LUNA taking a huge drop in this past few days .
For those who doesn't know about LUNA , it was a crypto where every LUNA is minted and the UST is burned away, or vice versa . Why LUNA is one of potential coin because UST is the stable coin with usd that being use in crypto , investors can always exchange 1 UST for $1's worth of Luna .
Some twitter say that the drop that happening this few days until now was
It's has drop more than 81% in 7 days movement and just today /24 hours movement it has drop for 58%. Imagine LUNA is USD 90 last week but now it was USD 14 today .
According to the source, the UST reserve is late to save the dollar peg because the automation system is still not being working. We hope that LUNA can recover this crash to stabilize the UST which i believe they are doing now and improve their system so thing like this is not happening again in future.
All chart is from https://www.tradingview.com/