The market of Cryptocurrency is full of uncertainty and volatile situations. The news of losses and sudden high performances of these digital currencies is not new. Often the losses of several bitcoinsmarter make it to the news.
The case of Luna is the same as well. After its good performance for a long time, it is facing a huge loss in recent times. And the loss is a huge one that is impossible to cope with.
With this loss of Cryptocurrency, the capital of many investors are in ruins. But, the traders of India are facing a greater loss than the others. The investors of other nations succeeded to save a little amount from this loss, but the Indian traders are unlucky in this matter. Trade Cryptos stable coins and other coins on the most trusted platform Bitcoin smart
The Present Condition Of Luna
The field of Cryptocurrency is full of ups and downs. Every coin may face this situation and fall with rigorous losses. Luna is going through a similar phase.
- The current trading value of Luna is $5.31 and the rate of loss is around 73%.
- Among the other nations, India holds the top position in investing in Crypto. The amount of loss for the investors is also more.
- With the loss of this Crypto, the investors are losing more than billions.
- To save them from this loss, the developers introduced a substitute that does not have the algo-stablecoin.
- With the help of this fresh token, foreign investors have recovered their losses to a certain extent. But the Indian traders are not lucky in this aspect.
- After the introduction of the fresh coin of Terra, the value went down by 73% from its peak price.
- Its current rate is about $5.31 which was $19.54 during its highest rate.
More Loss of Indian Investors
The holders of both, LUNA and TerraUSD from India when they heard the news of their loss, had to face a double blow. This is because the nation has the rule of taxes on Cryptocurrencies.
The Indian traders may have to pay taxes of around 30% against the value of the tokens they receive. Also, they cannot absorb the profits during the losses from the recent token.
Among the other countries, India has the highest share of investments in Crypto.
- Around 7.3% of the Indian population possess personal digital assets.
- Under a legal Act of the recent year, the rule of charging 30% tax on every transaction of Cryptocurrency has been made into effect.
- Also, on all the transfers of Cryptocurrency assets, there will be a TDS of 1% from this year.
- The Vice President of WazirX, Rajagopal Menon says that more than 1.6 million users are holding LUNA on this exchange on 9th May.
- On 15th May, the number of investors increased by 77% on the same platform.
- The data on the number of investors holding TerraUSD is not available.
- This increase is due to the rise in the number of buyers after 9th May as the ratio of buyer and seller became 5:1.
- The biggest days for this Cryptocurrency were May 11th and 12th.
- On 12, the trading value was $1.07 and it lost around 99% of the coin’s value.
Conclusion
The market of Cryptocurrency is full of uncertainty. Along with it, the investors need to face huge losses with the downfall of a coin. LUNA is going through a similar phase. It is losing more than half of its value and the investors are experiencing huge losses from it.
If we compare the amount, the loss is more for the traders in India. The foreign investors are managing to cope with their losses from this coin. But, for the investors in India, the aspect of a high amount of taxes on the Cryptocurrency transactions is making it impossible to cope with the losses.
The Crypto market is full of risks. As an investor, you need to carry out proper research and gain a good amount of knowledge to be safe from losses. Also, you need to prepare a strategy and have a backup plan for the losses. Try investing the amount that you can afford to lose rather than investing everything. These tips may help you to be safe from huge losses like that of LUNA.
