LUNA) crypto

2022 - 5 - 11

Controversial stablecoin UST — which is meant to be pegged to the ... (CNBC)

UST, a so-called stablecoin that's meant to maintain a $1 peg, was trading at just 50 cents Wednesday.

"We should have had these in place previously, so let me apologize for that." Investors are now closely watching for how Luna Foundation Guard responds to prop up its ailing stablecoin. UST's price has crumbled under the pressure of a sell-off in cryptocurrencies recently, resulting in further panic in the market. The fear now is that Luna Foundation Guard dumps those bitcoins onto the market, resulting in an even bigger sell-off. It's fallen over 50% since setting an all-time high of nearly $69,000 in November. It uses a complex system of minting and burning tokens to adjust supply and stabilize prices.

How Crypto Whales Wiped Off Terra Luna On Binance, Other ... (Outlook India)

Read here to know more about how Terra and its algorithmic Stablecoins work, and what events led to it losing half of its value in five days.

May 10: Terra’s founders and the Luna Foundation Guard (LFG) stepped in to control the free fall of their Stablecoins and crypto. May 9: The Luna cryptocurrency lost 60 per cent of its value and was trading at $45 on May 9. Since UST and Luna are tied together by an algorithm program as explained above, this massive selling and shorting caused the balance to be put off. They also started to short Luna crypto currency at the same time. In a normal market scenario, this should result in UST supply getting reduced and its price should climb back to $1. But things went horribly wrong and the algorithms failed to keep this ratio. Bitcoin dropped 8.4 per cent that day, and the overall crypto market cap was also down by 7.46 per cent. Luna Foundation Guard (@LFG_org) https://t.co/IKQmFhPNdE May 9, 2022 To maintain TerraUSD’s price, the Luna supply pool adds to or subtracts from TerraUSD’s total supply, depending on the situation. 6th May 2022: The crypto market has been experiencing volatility and price swings ever since the US Federal Reserve increased the interest rate, and inflation data reached market participants. This essentially means that LUNA investors’ wealth has been eroded by more than 88 per cent in five days. A crypto Stablecoin is different from a crypto coin. This is because it tracks the value of a particular asset, say dollar or gold, and derives its price from it.

'I lost my life savings': Terra Luna cryptocurrency collapses 98 ... (The Independent)

The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors. Terra, which ranked among the ...

Luna Bailout Terms Put a Crypto Spin on Death-Spiral Financing (Bloomberg)

From borrowing and lending platforms to synthentic equities to simply trying to build a stable proxy for the US dollar, cryptocurrency projects have long ...

'I didn't get out because I got greedy': Investors share losses on Luna ... (Fortune)

Users discussed losses ranging from a few thousand dollars to their life savings as the forum shows the painful side of crypto investments.

And researchers who study the effects of a stock downturn say similar effects are experienced among crypto traders. One member of the forum, No-Forever2056, said in a post that they had thought about cashing out when Luna was trading at $100 in March and early April, but held off to see if they could earn enough for a down payment on a house. I will lose my home soon,” the user wrote. “Well now even if I want to get out, I can’t as all my luna was locked staking,” No-Forever2056 wrote. I didn’t get out because I got greedy and hoped it would go up more,” said No-Forever2056, who declined to give their real name. TerraUSD (UST), an algorithmic stablecoin that should always be worth $1, lost its peg to the U.S. dollar last week and has dropped to as low as 30 cents.

$1 Trillion Crypto Meltdown—Huge Crash Wipes Out The Price Of ... (Forbes)

Bitcoin and cryptocurrencies have crashed further overnight, dropping to levels not seen since the crypto market began surging in late 2020...

The market inclines to sell on that kind of uncertainty and that is why stocks and crypto fell, but there is also a hope that inflation in the U.S. will continue to alleviate." Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for crypto investors and the crypto-curious

Cryptocurrency TerraUSD Plunges as Investors Bail (The Wall Street Journal)

The selloff in the algorithmic stablecoin that was supposed to be pegged to $1 accelerated, briefly sending its price to less than a quarter of that value.

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