The short-term impact will be catastrophic, considering that what happened with Luna will be a spectacle compared to what will happen, and the price of Bitcoin will likely decline sharply, and most alternative currencies may be affected, and the cryptocurrencies we know may disappear, as the Trust Wallet and CMC are both for the same platform.
The long-term effect will be good in enhancing decentralization and the importance of not leaving your money on the platform.