The cryptocurrency sector moved back into negative territory on Monday after a momentous week for the industry.

According to QCP Capital, the collapse of Terra (LUNA) marks “the largest wealth destruction event in the brief history of the crypto market.”

The Terra USD Stablecoin lost 1-to-1 parity against the US dollar and trades at 0.13, down 23%.

Meanwhile, bitcoin is back to the $30,000 mark, although last week it was at its lowest since December 2020, having lost 15% of its value. Through May, it had lost more than 21%.

The Fear and Greed Index for bitcoin is currently at one of its lowest points, indicating “extreme fear.”

According to CoinGecko, more than $400 billion has been wiped out of the cryptocurrency market in the past 7 days. According to MarketWatch, all sectors of the crypto space have suffered double-digit losses over that period, with cryptocurrencies related to Web3, or the so-called next generation of the internet, showing the biggest losses, by an average of 41%.