It is just crazy to read about the "attack" on the Luna Foundation and how someone with great knowledge about the protocol and how it works took advantage of that information and borrowed 100,000 Bitcoin, then spent 25,000 BTC at buying UST. Then they started to sell their BTC in order to crash the BTC price, and when this took place, they took advantage of lack of liquidity for the UST trading pair for the UST pair, thus making it lose its peg. This caused fear everywhere, and it has greatly impacted all of the crypto in the last days.
And it is just crazy to see. Not only has LUNA dropped from above $80 to a current price of $2, but most other cryptocurrencies have also dropped between 10%-50% in the last couple of days.
That means that some people are buying the dip, while others are standing in fear, wondering if this is just the start of an even greater dip.
Others are crying, seeing that their UST (which gave them safety) has suddenly dropped in value with more than 50%. I know the feeling. I have taken some profit in UST and seeing that thousands of UST is suddenly worth only half of what it is supposed to be worth feels dramatic. But, I feel really sorry for those who just had tens of thousands in UST and in LUNA... they are for sure feeling bad right now. In fact, some might even consider ending their lives, because such tragedies can have a terrible impact on someone. Where they saw hope and joy one week ago, has now turned into despair and tragedy. If that is you, don't give up! It might turn around. If not, there will be other chances... this is not the end!
Impacting everywhere
Today I wanted to do a simple USDT transfer from my MetaMask wallet. That is when I noticed that the gas price was around 450. I haven't seen that in a long time. I saw that USDT transfers were the highest gas spender at that very moment. Things have now relaxed down, but the gas fees are still around 150, meaning that I still have to wait some hours for my transfer set with 50 in GWEI to go through.
But, this is all a part of great volatility in the market, and today I was unable even to do an USDT trade on Uniswap as they seem to lack liquidity.
What is going on? It is just crazy, isn't it? Where is this gonna end? When will it end?
I have no clue... but I am paying attention right now. Normally I don't watch charts, but right now I am watching them several times per hour. Have we reached the bottom, or will further fear just cause the market to dump even more?
What do you think?