SEOUL: Reckoning they have little to lose with prices so ridiculously low, South Korean speculators in recent days have piled into Luna, a cryptocurrency that lost 99.99 per cent of its value last week after its paired stablecoin TerraUSD collapsed.
Worth nearly $100 in late April, Luna is now trading at a fraction of one cent - so low that there has been a rush of buying from speculators betting that it will stage a miraculous recovery, with some clinging to the belief that it is just too big to be allowed to fail. As the sudden resurgence of buying crossed its radar, South Korea's Financial Services Commission warned people on Tuesday against investing in Luna.
The window for speculation is limited as Bithumb and Upbit, two of South Korea's largest exchanges, said they will suspend trading support for Luna on May 27 and May 20, respectively, while another, Coinone, has halted deposits in the crypto-currency ahead of a possible de-listing on May 25. Their earlier enthusiasm had helped put Luna and TerraUSD among the world's ten largest cryptocurrencies ranked by market cap.
Under the system, one TerraUSD token could be swapped for $1 of Luna, and vice versa, and once swapped the coins would be destroyed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How did the Crypto Terra UST and Luna coin crash happen?Alongside futures and options, crypto has always instrumentally been one of the most volatile asset classes on any investment portfolio. Recently, a huge splash had rocked (and flipped over) many boats in the crypto market: the Terra/Luna crash. Confused? Don’t worry – this article will help shed light on one of the largest outcries of recent crypto market history. To...
Source: asiaonecom - 🏆 10. / 59 Read more »
How did the Crypto Terra UST and Luna coin crash happen?Alongside futures and options, crypto has always instrumentally been one of the most volatile asset classes on any investment portfolio. Recently, a huge splash had rocked (and flipped over) many boats in the crypto market: the Terra/Luna crash. Confused? Don’t worry – this article will help shed light on one of the largest outcries of recent crypto market history. To...
Source: asiaonecom - 🏆 10. / 59 Read more »
How Gen Z is hooked on cryptocurrency and NFTs'I lost everything,' said Kelvin Kong, who lost half a million dollars in crypto in 2018.
Source: YahooSG - 🏆 3. / 71 Read more »
Cleaner jailed 4 weeks for taking illegal bets while Singapore Pools' betting centres were shutSINGAPORE — A 66-year-old cleaner who took illegal bets for horse races at a hawker centre while betting centres around Singapore were closed due to Covid-19 was jailed for two weeks and fined S$20,000 on Thursday (May 19).
Source: TODAYonline - 🏆 1. / 99 Read more »
Analysis-Crypto crash leaves El Salvador with no easy exit from worsening crisisSAN SALVADOR/NEW YORK : El Salvador's big bet on bitcoin, which the Central American nation has been buying since September, has soured in recent weeks as a cryptocurrency rout shaved over a third of the value of the government's holdings, Reuters calculations show.Under populist President Nayib Bukele, a
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
S. Korea Blue House opens to public for 1st time in 74 yearsFor many South Koreans, the former presidential palace in Seoul was a little-visited, heavily secured mountainside landmark. As one of his first acts, the new South Korean leader has moved the presidential offices from the Blue House, named after its distinctive blue roof tiles, and opened its gates to the public, allowing a maximum of 39,000 people a day to visit. “I feel grateful that the Blue House has opened to the public,' 61-year-old office worker Lee Sang Woon said recently during a tour with his family.
Source: YahooSG - 🏆 3. / 71 Read more »