The recent crash in price of $LUNA was a very tragic experience for lots of people, especially for its holders and investors way before the tragedy happened. Though there was no strong evidence about it, but there are lots of reports from Facebook, Twitter, Reddit and other social media platforms about some people who were invested so much in $LUNA and $UST taking their own lives for losing mostly everything they had.
The burden created by the -99% price crash of $LUNA was too much for everyone believing in the project. Seeing the price of a cryptocurrency losing 99% of its value is not new in the space but with the case of $LUNA and $UST is very different.
The algorithmic $UST that was supposed to be pegged with $1.00 dropped to now just over $0.10. This is not a new scenario for a stablecoin to lost its peg but this is probably one of most historic crashed for a stablecoin. While $LUNA, that was once in the top 10 of overall cryptocurrency market cap ranking dropped below $100 million market cap from nearly $20 billion market cap. It's supply turned from 400 million to 6.5 trillion in just a couple of days affecting its price to drop from over $90 to a low of $0.000006.
Cryptocurrency is all about ups and downs.
The volatility of cryptocurrency is a great feature to take your chance to have your wanted financial freedom. However, it was not called volatile for no reason.
No people in the space will ever know when and how a price of cryptocurrency can do great or have its worst scenario. No matter how great the technical analysis or the fundamentals of that cryptocurrency is, there will always be time for the market to judge its price.
Investing in cryptocurrency is totally not for the faint of heart but still it shouldn't be the reason for you to decide to end you life just because you have lost so much from it.
Cryptocurrency is still in a speculative stage and that's where lots of opportunities can come. What this mean is that even if you lost a lot from one project, it doesn't mean you can't recover from it. Day by day, more potential projects can enter in the space and you can take your chance to get some risks from it in exchange for a possible recovery. This may sound easy but cryptocurrency is a place for risky plays. You can lose, you can win.
Everyone's life is more precious than the money we put and lost in the project. After all, money can still be gained over and over again even if we lose a lot of times. But losing your one and only life is a risk that you cannot get back again.
It's not only you against the market.
You might and probably feel envious when you see that there are lots of people gaining a lot from their investments. But that's only the one side of truth about the market.
Those people you see gaining a lot probably once or a few times had lots of losses too. And the other truth about the market is that a genius mind always wins the money of someone who just invests blindly without the risks ahead.
What this all means is that it was not only you who are losing but there lots of other people too. Many people were already passed the losing stage and managed to overcome the bad things that happened in the market. If they can do it, why can't others do it? And more importantly, why can't you do it? Everything takes time, patience, knowledge and some luck. Just don't give up.
Whatever market that is, stocks, forex, cryptocurrency and etcetera, it will always be a rollercoaster ride. In our case, cryptocurrency are way more volatile and the risks are way more higher when investing since lots of scam projects are also getting into the space. Even though that's the case, it should be the reason to stop you or worst end your life. There will always be opportunities ahead of you and that time will eventually come.
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I am not really knowledgeable about crypto i only heard that word here in this community but I want and am willing to learn even im newbie here