Home Latest News Crypto Terra Luna rallies over 55% in 24 hours after crash last...

Crypto Terra Luna rallies over 55% in 24 hours after crash last week | Mint – Mint

  • Luna, and the related TerraUSD (UST) stablecoin collapsed last week following a wave of selling pressure

Stablecoin Terra USD (UST) surged over 10% to $0.07 while its sister crypto token Terra (Luna) rallied more than 56% to $0.00021 over the past 24 hours, as per CoinGecko, after crashing from its $1 value last week.
The implosion of the algorithmic stablecoin TerraUSD and its sister Luna token sent shock waves through the cryptosphere, crashing crypto prices and roiling the entire ecosystem behind the coins. TerraUSD (UST) collapsed from its intended 1-to-1 peg to the dollar this month and dragged Luna down with it.
Terra, part of the Terra blockchain ecosystem, is supposed to maintain a 1-to-1 peg with the U.S. dollar. Over the past week, it has not kept that peg. Luna, and the related TerraUSD (UST) stablecoin collapsed following a wave of selling pressure.
Luna’s market value dropped to about $840 million from more than $20 billion before the TerraUSD collapse, according to data from CoinGecko. UST lost roughly $17.5 billion in value since crashing from its peg.
The cryptocurrency shot to prominence earlier this year when non-profit Luna Foundation Guard, an affiliate of Terraform Labs, the company behind TerraUSD, pledged to amass $10 billion worth of bitcoin to support its dollar peg.
Unlike other stablecoins that have reserves in traditional assets, TerraUSD maintains its peg through an algorithm that moderates supply and demand in a complex process involving the use of another balancing token, Luna.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.
(With inputs from agencies)
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp


Previous articleA Sceptic's Guide to Crypto: The Crypto Wild West – Financial Times
Next articleShiba Inu's BONE Price Suddenly Spikes 20%, Trading Volumes Surge 255% – U.Today
The youngest in team, he is responsible for reporting all the rumors and leaks related to gadgets and software. Other than spreading rumors, Bill also likes to write about social networking and cyber security.