The collapse of Terra plunged the Bitcoin index into “extreme fear”

After a tumultuous week, the crypto-currency sector fell into the red again on Monday.

The fall of Terra (LUNA) is “the largest wealth destruction event in the brief history of the crypto market,” according to QCP Capital. The Terra USD stable coin has lost 1:1 parity with the US dollar and is now selling at $0.13, a decrease of 23%. Meanwhile, Bitcoin is back above $30,000, despite the fact that it was at its lowest point since December 2020 last week, shedding 15% of its value. He had shed more than 21% of his weight till May.

The Bitcoin Dread and Greed Index is at its lowest value ever, signaling “severe fear.” According to CoinGecko, the crypto market has lost more than $400 billion in the previous seven days. According to MarketWatch, all sectors of the crypto realm lost double digits over this time, with coins affiliated with Web3, or the so-called next generation of the Internet, losing the most – an average of 41%.

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