What is the value of a drop in the crypto sector?

Some estimates put the total value of drop in the crypto sector at $830 billion. Terraform Labs CEO Do Kwon has talked about a recovery plan for the crypto, proposing to fork the Terra blockchain to create a new one and 1 billion LUNA tokens, which would be distributed among current LUNA and UST holders.

What's going on with cryptocurrencies?

Cryptocurrencies have hardly been immune. Since Bitcoin hit an all-time high in November, the value of the world's most popular digital currency has fallen by about 70%, and its rivals are also suffering. Ether is down by around 70% this year, and so is Dogecoin.

What is a Luna crash & how will it affect crypto?

The LUNA crash (along with that of more than 100 projects built within the Terra ecosystem) has also raised questions regarding the stability of all cryptos, and is being compared to the global financial crisis of 2008. Some estimates put the total value of drop in the crypto sector at $830 billion.

What happened to cryptocurrencies in 2021?

With inflation and interest rates rising, the best-known cryptocurrencies have been hit with heavy and continuing losses: Bitcoin has lost more than 50% of its value this year; Ethereum, its largest rival, is down 65%; and the total value of crypto assets has dropped to less than $1tn from its November 2021 peak of $3tn.