JAKARTA – The falling prices of Terra (LUNA) and TerraUSD (UST) caused chaos in the crypto industry and became the global public spotlight. Countless how many investors who lost due to the incident.
Prior to its collapse, LUNA, which was worth 100 US dollars per coin in April, is now trading at 0.0001414 US dollars (around Rp. 2.07). The price decline has attracted speculators to LUNA. So that the purchase of LUNA experienced a surge because they relied on speculation of price recovery.
Responding to the surge in buyers, the South Korean Financial Services Commission (FSC) on Tuesday, May 17, 2022, warned the public to avoid investing in LUNA.
According to Coincu, the number of people investing in the LUNA cryptocurrency grew by more than fifty percent in just two days across South Korea's largest exchange platforms, reaching 280,000 on May 15, 2022.
On the other hand, a number of crypto exchanges from South Korea such as Bithumb and Upbit have announced that they plan to stop trading Terra (LUNA) from May 27 and May 20.
Not only that, CoinOne also stopped LUNA deposits from outside the platform. This is an anticipatory step from the crypto exchange. Because LUNA is threatened with delisting on May 25.
The termination of LUNA trading is considered to be able to reduce speculators who want to enter the market. On the other hand, Coincu also reported that the massive buying of LUNA did not have a major impact on the price movement of the cryptocurrency.
Meanwhile, the FSC is concerned that South Koreans may want to try to buy high-risk LUNA digital assets.
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