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Stablecoin Implosion — LUNA and UST Lose Significant Value, Downturn Ripples Across the Crypto Economy – Bitcoin News

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Stablecoin Implosion — LUNA and UST Lose Significant Value, Downturn Ripples Across the Crypto Economy

During the last few days, the crypto economy has been tumultuous as billions have fled the market in search of safety. The issues with LUNA sparked a significant sell-off as Terra’s native digital asset dropped 97% in value against the U.S. dollar in 24 hours. Terrausd has slipped 67% lower than the $1 parity and was trading at a low of $0.299 per unit at 9:00 a.m. (ET).

Terra’s Native Token LUNA Loses 97%, While UST Loses 67% in 24 Hours

The Terra blockchain ecosystem has been ravaged by the events that took place over the last few days, when the network’s algorithmic stablecoin terrausd (UST) started to lose its U.S. dollar peg. Project founder Do Kwon and the Luna Foundation Guard (LFG) also explained that the team was lending $1.5 billion in bitcoin (BTC) and terrausd (UST) to help defend the peg. The effort was a fruitless endeavor and UST slipped to $0.66 per coin but then, for most of the day on Tuesday, UST managed to climb back above the $0.90 region.

On Tuesday evening, UST started to plummet again and it has continued to slide to its most recent lows at $0.299 per unit. The native token LUNA suffered even more than UST, as it has lost 97% in value during the past 24 hours. LUNA has had a 24-hour price range between $33.93 per unit and $0.810 per coin. Furthermore, after Do Kwon said to stay strong and a plan was on the way, the Terra co-founder addressed the public on Twitter.

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