Terra Luna Cryptocurrency Crash — What It Means for Online Poker?
Investing in cryptocurrencies has always been a touchy subject.
Today, many Terra Luna traders and investors have experienced the ultimate shock — the price plummeting just a month after this crypto reached its all-time high ($119.18).
Now, the coin is worth practically nothing — $0.03 at the time of writing.
That’s a 99.7% value drop, the biggest and fastest we’ve ever seen in crypto history.
The price had been stable for a while, but it all came crashing down on Monday when TerraUSD reached a new low ($0.97). However, this crash hasn’t only affected Terra/Luna holders — it’s also had a massive impact on other cryptocurrencies, including Bitcoin.
Consequently, the altcoin’s selloff also affected the price of Bitcoin and caused panic among millions of people, including those who enjoy online poker.
How the Terra Luna Crash Affects Online Poker Players
Cryptocurrencies have become one of the most popular payment methods in the iGaming industry thanks to their high security levels, processing speed, and other features. A growing number of online poker rooms support cryptos and Bitcoin as the most popular cryptocurrency in the world.
This sudden price drop has many people worried, as they lost a portion of their investments. However, Bitcoin is still more stable than the so-called stablecoin Terra. While the BTC market has taken a hit, it will recover at some point. The same can’t be said for Terra Luna investors.
If you’re among avid poker players and Bitcoin enthusiasts, you’re probably worried about what it means for your gambling activities. As a BTC holder, you already know that every crypto is unpredictable, so a sudden price drop is always possible.
However, given Bitcoin’s popularity and established presence, it’s unimaginable that BTC will meet the same fate as Terra Luna. You might have to limit your gambling activities for a while, at least until the crypto world stabilizes and starts recovering from recent events. Not to worry, though — your online poker sites aren’t going anywhere. You’ll still have plenty of fantastic games at your disposal.
What Should You Do?
If you’ve been affected by the Terra Luna crash and feel uneasy, you can do several things to help yourself. Here’s a list you might find useful:
- Reach out to the National helpline numbers and talk to someone. While they may not be able to give you an immediate solution, they will listen to you and, hopefully, help you calm down.
- Don’t invest everything you have. Only choose to invest in Bitcoin or any other cryptocurrency if you have money to spare. Given how volatile the market is, it’s irresponsible to give every last cent away, hoping it would pay off. Investing in crypto can be beneficial in the long run, but your life should never depend on it.
- Never make direct exchanges or purchases with people you don’t trust. It’s better to rely on a crypto exchange than to be scammed and lose everything.