During the recent cryptocurrency crash on Tuesday Indian cryptocurrency exchange, CoinDCX Servers Failed and its users started panicking.
After reaching a record high Bitcoin and other cryptocurrencies saw another bloodbath when the market cryptocurrency crash by around 12% in just a few minutes.
All the crypto exchanges are flooded with sell orders from millions of traders. Cryptocurrency markets hows very high volatility which can cause billions of dollars in loss for crypto users.
The problem was sparked two weeks ago when TerraUST, the stablecoin that is Luna’s sister currency, lost its link to the US dollar. Luna and TerraUST are mathematically connected. After TerraUST’s demise, Luna essentially vanished. In a matter of days, its worth plunged from $20 billion to nearly nothing. All of this left a trail of investors as victims.
“The vast infrastructure of speculation built upon cryptos has overshadowed their true application cases. This is now undergoing a natural adjustment. Cryptocurrencies will once more be able to withstand increased speculative demand as use cases emerge “An expert on cryptocurrencies, Dr Sanjay Sharma, told India Today.
Top Cryptocurrencies in 24 Hours
Ethereum is down by 12.91% to $3,431.15, Litecoin by 18.61% to $181.54, Bitcoin Cash by 18.73% to $642.62
Stay tuned for more updates
