Terra Luna Classic Price Prediction – Can LUNC Recover and Hit $1
Terra Luna Classic (LUNC) price sell-off continues unabated in the wake of the collapse of FTX and its affiliated companies. The total cryptocurrency market cap sunk deeper below the $1 trillion mark as investors reacted to the bloody mess caused by the now never-ending troubles at one of the world's largest cryptocurrency exchanges.
The situation has been similar for Terra Luna Classic, with overarching weekly losses accumulating to 28%. Over the last 24 hours, LUNC lost another 6.7% of its value to exchange hands at $0.0001820 at the time of writing.
With the many uncertainties emerging in the crypto space, immediate recovery is highly unlikely. However, experts expect the market to bottom out soon, paving the way for a general upturn.
FTX exchange announced a hack attack on the platform on Saturday 12 via Telegram after noticing what they termed as mysterious outflows – rallying up to $600 million. Users were instructed to delete all FTX apps and not to access the exchange's website.
The $600 million rumored to have left FTX comes after the company filed to commence bankruptcy proceedings under Chapter 11 on Friday.
Meanwhile, another recent article on CoinDesk reported that officials at the exchange had resolved to move funds to cold wallets as a safety measure to "mitigate the damage" several hours after funds started mysteriously exiting FTX accounts.
The fate of FTX now lies in the hands of investigators, who are determined to unearth what has ailed the exchange. Industry leaders like the Binance CEO Changpeng Zhao and Cardano's Charles Hoskinson say that the FTX saga will negatively impact the crypto industry – possibly setting the space a few years back.
Terra Luna Classic price defended support at $0.0001640 as
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