Why terra Luna is going down today, what happened to terra Luna UST crashes
2Why terra Luna is going down today, what happened to terra Luna ust crashes
Luna fell from an intra-day high of $65 to an intra-day low of $28
UST lost its peg for the second time in two days
The native token of the Terra
Luna/USD
blockchain crashed 60% over 24 hours as its stablecoin, TerraUSD
UST/USD
, lost its peg for the second time in 48 hours.
What Happened: According to data from Benzinga Pro, Luna fell from an intra-day high of $64.62 to an intra-day low of $28.03. Luna has lost more than 65% of its value since the weekend.
The token’s price plummeted after the blockchain’s algorithmic stablecoin UST lost its peg for the second time in two days. Some reports indicate that UST fell to as low as $0.65 on Coinbase Global Inc
What happened to Luna UST?
Luna remains in free-fall, javing lost half its value in the last 24 hours in mid-morning trading London time. UST has been the most successful example of an algorithmic stablecoin, or a stable asset which depends on an internal algorithm that manages its supply and demand to maintain its peg
What happened Luna Crypto?
Luna, the token which backs UST, gets “burned” when its stablecoin deviates from its peg, Melnick said, so it's trying to keep the price at $1 to protect Luna from getting burned more, but in turn, it's causing prices to fall further, what Melnick dubbed a “dubious call.”
will Luna recover
Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar. They are popular as safe-havens in times of turmoil in crypto markets and are a common medium of exchange, often used by traders to move funds around and speculate on other cryptocurrencies
Why terra Luna is going down today, what happened to terra Luna ust crashes
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At present, iZem has 983 views spread across 3 videos for Luna, and less than an hour worth of Luna videos were uploaded to his channel. This makes up less than 0.16% of the total overall content on iZem's YouTube channel.