Luna scare has investors pulling back from crypto
It's an immature market and investors need to exercise caution. Nevertheless, the $40 billion collapse of a so-called stable currency has investors in the region questioning the stability of the crypto market.
Last week’s $40 billion collapse in the Terra Luna stable currency platform is a major setback for cryptocurrencies and digital assets in Asia. The sector had won a great deal of support from investors in the region, particularly wealthy families, but is now facing considerable scepticism.
“How ironic it is that a stablecoin caused an upheaval in the crypto markets,” said Edward Foo, managing director at Singapore-based Pacific Harbor Group, in an online forum on Monday.
“Oh wha…
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