LUNA crypto

TerraUSD, the controversial algorithmic stablecoin, slumped on Wednesday as crypto markets await a rescue led by primary backer Do Kwon.

On Tuesday, following an earlier tweet from Kwon that he was “close to announcing a recovery plan,” the token rallied to around 94 cents. Over the weekend, the token lost its intended peg to the US dollar, falling to about 99 cents. Luna, a coin that’s part of the peg mechanism for TerraUSD, tumbled 84% over the past 24 hours, according to CoinMarketCap.

Bitcoin and cryptocurrency markets have fallen sharply after the controversial algorithmic stablecoin TerraUSD (UST) dropped further from its dollar peg...

UST began to lose its dollar peg last week amid a broader asset crash that hit bitcoin, crypto prices, including luna, and stock markets. Do Kown, the creator of UST and luna developer Terra Labs, has promised another bailout is imminent. It started to lose its peg to the dollar on Saturday, and on Monday traded as low as 60 cents.

The cryptocurrency has plunged 87% in the past 24 hours alone.

But if you held bitcoin, your “currency” has lost 52% and counting. At least 40% of bitcoin investors are currently underwater, according to Yahoo Finance. And it’s not looking to get better anytime soon. Then it crashed again to a low of $0.31 early this morning and currently sits at $0.44. Stablecoins are supposed to maintain a peg to a given currency, most commonly the U.S. dollar, but since the “reserves” for these stablecoins are almost always things that are not U.S. dollars, the stability is an illusion. But it’s still unclear whether regulations would improve stablecoins or simply cause many of them to go out of business and evaporate entirely. Yellen and Republican Sen. Pat Toomey from Pennsylvania then discussed pushing forward regulations on stablecoins before the end of the year. Needless to say, people have lost a lot of money in a very short period of time.

Crypto Market Crash News Today (May 11): Cryptocurrency market cap crashed further on Wednesday as Bitcoin and several other top crypto prices hit new lows.

LUNA plummeted by almost 85% in the last 6 days dropping below $15 from a steady price of $88. LUNA ranking has also shockingly declined on CoinMarketCap. At the time of press, Terra ranked 31. At the time of this report, Bitcoin price was $30,621, which is nearly 5% decrease in the last 24 hours.

Major Korean exchange Coinone has suspended trading of Luna. · Korbit and Bithumb have also issued investment warnings.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. Korbit and Bithumb have issued “designated investment warnings” on the coin citing similar concerns as well. The situation, however, does offer an insight into the level of unease among Korean crypto investors concerning Luna’s current decline.

LUNA is the native currency of the Terra blockchain, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

However, according to CoinDesk the foundation is scrambling to line up fresh capital to back the project. The contraction and expansion seen on the day was a result of market participants who mass sold UST worth almost $300 million. The Fed hiked its interest rate by 0.50% to 1%, the largest increase since 2000, as it handed down its policy decision. So far, the Luna Foundation Guard had bought up over 42,500 BTC to the tune of $3 billion, fulfilling its promise of buying $3 billion in the short run. Similarly, when UST’s supply expands, LUNA’s valuation increases, noted Will Comyns, a researcher at Messari. On May 8, UST’s market underwent contraction for the first time in two months, dropping by 28.1 million below zero. The U.S. Fed increased interest rate as it handed down its policy decision earlier this month. Its token price traded $87.96 a week ago, to currently stand at $8.81 as of the time of this writing, which represents an approximately 90% decline in just seven days. LUNA is the native currency of the Terra blockchain, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. A major selling point for holding UST is the passive income opportunities that exist. LUNA serves as a collateral asset to maintain UST’s dollar peg, according to Terra’s elastic monetary policy. This was the case when Terra launched its UST stablecoin in September 2020. TerraUSD (UST) is the decentralized and programmable stablecoin of the Terra blockchain.

The token, which dropped 55 per cent on Tuesday, eroded another 85 per cent on Wednesday. In the last couple of days, it has wiped out about 95 per cent of ...

As UST 'depegged' the price of LUNA, its sister token, has taken a big hit. They warned investors about the unstable algorithms of such stablecoin projects. During its golden days, it was the eighth largest crypto token with a market cap of about $25 billion. Luna and all its DApps, like Anchor Protocol, have taken a massive hit. This is the key reason hurting the sentiment for Terra (LUNA). Its sister concern and the stablecoin from the foundation TerraUSD (UST) has again 'depegged' from its value of $1 to below $0.45, dropping about 55 per cent.

Following a day in which teetering stablecoin TerraUST (UST) bounced around $.90, it resumed its free-fall overnight to approach $0.30 before recovering ...

One token that is surging today is MKR, the governance token underpinning the dollar-pegged stablecoin Dai, which was up as high as 40% today. However, that has not come to fruition. Today attention will focus on whether the Luna Foundation Guard, led by founder Do Kwon, will be about to recover from this downward spiral.

The past few days have been extremely volatile across the crypto economy, after one of the largest stablecoins, TerraUSD (UST), depegged from its $1 value ...

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Is it all over for investors of Terra (CRYPTO:LUNA) after losing 90% in market value this week?

Right now, the price of the LUNA token stands at US$2.68 compared to US$116, at the start of April. Expectedly, the extraordinary turn of events has led to a sustained selloff across Anchor driving total value locked to US$2.45 billion. Further, US$1.4 billion was moved from a reserve wallet to stabilize the UST. The network aims to integrate the price stability of fiat currencies with the robust payment capabilities of a blockchain. At its peak, the market cap of UST stood at US$18 billion, which has since fallen to US$8 billion. People park their funds in a stablecoin to benefit from functionalities such as low volatility and ease of transfer.

With LUNA and UST getting crushed in the market, two South Korean exchanges issued warnings to users dealing with the two tokens.

This triggered a death spiral in TITAN’s price, which was used as collateral to mint the stablecoin. “UST was trading at close to $0.2 today, so confidence will be hard to regain. “The cold storage of tokens on exchanges does not imply they actually have all tokens for redemption.