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As a result of the current state of the market, we have determined that the $LUNA trading pair will no longer be available on the eToro platform. The existing client holdings would not be impacted, eToro stated in its announcement.
In only a few short days, almost all of the value of Terra's token, which just a few days before was one of the top 10 cryptocurrencies in terms of its price, has been wiped out. The crash has caused investors' faith in other stablecoins to be damaged, and the wider cryptocurrency markets have failed horribly and crashed.
The mining of new blocks on the Terra blockchain has been formally paused as the network validators have halted the network for the second time this week. They are attempting to devise a strategy to reassemble the blockchain, but so far they have not been successful in doing so.
According to data from CoinMarketCap, the price of LUNA dropped to almost nothing a couple of hours ago after having reached a high of close to $120 earlier this month. In addition, its sister stablecoin TerraUSD, also known as UST, had already lost its dollar peg prior to the collapse of the market and was trading at close to 3 cents, representing a drop of 97 percent over the course of the previous day.
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