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TerraUSD event becomes 'largest wealth destruction event' in history


After the stablecoin TerraUSD (UST) fell below the price of 1:1 against the US dollar, it plummeted all the way, setting off a massacre in the currency circle. The market value of UST and related currencies evaporated by 40 billion US dollars, which has been called the largest wealth destruction event in the history of virtual currency. MarketWatch reported on the 13th that UST was once the top ten virtual currency in the cryptocurrency market by market value, but after the decoupling of UST from the US dollar, the CoinDesk quotation showed that the price fell to $0.06 last Friday (13th). Luna, another virtual currency that supports UST, has dropped from $80 in early May to almost zero. Compared with the beginning of April, the market value of the two virtual currencies has shrunk by 40 billion US dollars. Virtual currency trader QCP Capital reports that it is the "biggest wealth-destroying event" in the cryptocurrency's short history since bitcoin's inception in 2009. According to CoinGecko, more than $400 billion in virtual currency market capitalization has evaporated in the past seven days. Analysts at Messari said all cryptocurrencies saw double-digit declines during the period. Virtual currencies related to the next-generation network "Web 3" fell the most, plummeting 41% on average.
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