Twitter tells the story of BTC, LUNA crash

As the cryptocurrency market burns through its worst crash in years, Twitter is ablaze with charts streaked in red, suggesting that a new crypto winter is here.

The great downturn came during a bearish week for Wall Street stocks, a correlation that didn’t escape notice:

Despite working through what must be the most horrifying fire drill in recent memory, some traders tried to joke about the frazzled days spent glued to their computer screens, watching assets fall through the floor.

If you were wondering, the mystery chart turned out to be the price of Luna coin, the cryptocurrency token meant to buoy the floundering Terra USD stablecoin—which was designed to stay consistently valued at $1 but sank to under 40 cents in recent days. Luna, meanwhile, dropped from nearly $120 in early April to roughly 1 cent this Thursday.

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

But altogether, global cryptocurrencies have lost nearly $500 billion in the past week—meaning plenty of other tokens are in their own worlds of pain. For example, Litecoin, which ranks among the top 20 tokens by market capitalization, is down to pre-pandemic (i.e. pre-crypto mania) prices.

Even Bitcoin—the world’s largest cryptocurrency, with a market capitalization that surpassed $1 trillion at its peaks—is in trouble. This chart observes that Bitcoin has not just dropped below its January 2021 price, but also has thousands to go before it reaches a calculated support line—which refers to a low point at which probabilities converge so you might expect people to start buying the dip, thus bringing the price back up.

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

Ethereum, the second-largest cryptocurrency, has also dropped to pre-2021 levels while the community licks its wounds and waits for support to kick in:

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

But if this is all too much, maybe it’s time to take a break from from DexTools—and try to keep whatever faith you have left. HODL on, WAGMI! Let’s hope.

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