Why did Terra LUNA and UST crash? | Find out on The Market Report
Cointelegraph
Published May 11, 2022 03:08PM ET
Updated May 11, 2022 04:40PM ET
Cryptocurrency investors never thought they’d have to ask whether TerraUSD (UST) or LUNA would reach $1 first. On Wednesday, that question became the talk of the cryptosphere as the Terra ecosystem imploded.
As the algorithmic stablecoin UST lost its dollar peg, crashing to a low of around $0.30, Terraform Labs co-founder Do Kwon took to Twitter (NYSE:TWTR) to share his rescue plan. At the same time, the value of sister token LUNA, once a top-10 crypto project by market capitalization, plunged over 98% to $0.84, according to CoinMarketCap. For reference: LUNA was trading north of $120 in early April.
Continue Reading on Coin Telegraph
Get The News You Want
Written By: Cointelegraph
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.