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.

Cryptocurrency Terra Luna crashed over 85 per cent on Wednesday, data from CoinMarketCap shows, with the cryptocurrency trading at $6.18 as of 12:30 PM IST.

As we speak, LUNA is down to $11 from its all-time high of $119.18 in April 2022, this phase of instability in LUNA will remain because the overall crypto market is expected to remain choppy in the coming weeks.” The success of the Terra ecosystem is based on the adoption of UST as a stablecoin, hence the LUNA token and UST are inextricably linked. Jennifer Lu, co-founder of Coinstore, explained the whole fiasco to Business Today, “The recent incident of UST losing its dollar peg has sent shockwaves across the crypto market as it has exposed the weakness of algorithm backed stable coins. The LUNA's value dropped as a result, although the peg was not reinstalled. The UST Curve pool gradually shrunk as users exchanged UST for competing stablecoins when UST began trading drastically below its dollar peg. Alternatively, if UST is seen as volatile, LUNA's value may fall.

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.

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.

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.

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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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.

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 ...

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.

- Cryptocurrency TerraUSD Plunges as Investors Bail You may cancel your subscription at anytime by calling Customer Service. Cryptocurrency TerraUSD Plunges as Investors Bail

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

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.

LUNA fell from top 10 coins by market capitalization and is currently the 35th biggest virtual token by market value. Read more...

LUNA is among a number of altcoins – coins other than bitcoin – that have struggled this week. At the time, LUNA was worth $87. TST is a stablecoin, which means that it is backed by a reserve of the asset that it represents – often the US dollar. “Without a doubt, UST losing its peg will be seen as one of the defining moments of the current crypto market cycle. But the coin has been in a freefall since its sister token, TerraUSD (UST), lost its peg to the US dollar. “The depegging will likely result in a substantial regulatory risk – if not for the whole crypto space, then certainly for the stablecoins market.” But at the end of last week, UST depegged from the dollar, prompting a sell-off which also spilled into LUNA.

Stablecoin TerraUSD fell 30%+ since losing its 1:1 peg to the U.S. dollar, but why is sister crypto LUNA tanking too? Read on to find out why.

It worked for a bit but the UST stablecoin fell today to as low as $0.29 at 3:45 a.m. EST, completely decoupled from the U.S. dollar peg this morning and dragged LUNA down with it. Naturally, this is at a high cost to UST and LUNA holders, but we will continue to explore various options to bring in more exogenous capital to the ecosystem & reduce supply overhang on UST," Kwon stated in his tweet series. Our updated list of the best cryptocurrency apps for 2022 is packed with best-in-class picks. Despite all this financial engineering, TerraUSD (UST) started to slip in value to the U.S. dollar late last week due to fears over rising inflation and the Fed's raising of interest rates. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. It's important for every person to do their own investment research and only use an amount that you're comfortable losing. This algorithmic price shifting creates arbitrage opportunities for savvy investors to trade between LUNA and UST at lower prices on one exchange, for higher prices on other exchanges to help to restore market equilibrium for both coins. "Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before $UST can start to repeg. With the current on-chain spread, peg pressure, and UST burn rate, the supply overhang of UST (i.e., bad debt) should continue to decrease until parity is reached and spreads begin healing. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. While traders on cryptocurrency exchanges are used to volatility, today's price action surrounding Terra (LUNA) has been breathtaking -- in the worst way possible. A little context is needed to understand LUNA's crypto crash.

The implosion of the audacious Luna and Terra coin project has left the crypto world shaken, regulators fired up, and lot of retail investors much poorer.

Kwon’s nonprofit took $1.5 billion, half of it in bitcoin, and tried to bail out Terra, which got back up to 90 cents a coin on Tuesday. Kwon tweeted that he was “deploying more capital,” then there was mostly silence until a Wednesday-morning thread took on a more formal tone and ended with a promise that Terra would “return.” The goal, said Cory Klippsten, CEO of the exchange Swan Bitcoin, appears to have been keeping the price as high as possible for as long as possible so investors could make a profit after a lock-up period ended and then bounce. Kwon — who had built up a persona as a proud crypto asshole, even saying once that he doesn’t “ debate the poor” in a thread about, I’m not kidding, financial panics — has lost whatever goodwill he had among his followers. For a while, it had been a cool way to make money out of nowhere, an excuse to move to Miami and show off your wealth. As 2022 wore on, it all started to feel more and more like the domain of weirdo-rap alleged money launderer Razzlekhan. Defenders have called it an “ attack,” though it’s unclear if this was anything more than a large withdrawal of money they weren’t prepared to cover. Meanwhile, shares in leading U.S.-based crypto exchange Coinbase were off by 25 percent, and the trillion-dollar-plus crypto industry is teeming with rumors about large funds or companies that may be on the brink of failure. While Terra should always be at $1, Luna could rise and fall with the markets — and the coins could freely be exchanged for each other for small profits. Terra is supposed to be trade reliable at the value of exactly one U.S. dollar, but it plummeted to 29 cents on Wednesday morning. At the time, Luna was on a massive run, up more the 1,000 percent over the prior six months. (The ex-Princeton wrestler also hired Hilary Duff to play at his birthday party a few years ago.) But even for Novogratz, the tattoo seemed a little over-the-top. “I’m officially a Lunatic!!!” he tweeted to his more than 400,000 followers.

Global market cap slides down by 9.37 per cent and is at $1.27 trillion, while majority top tokens witnessed a downtrend in value in the last 24 hours.

The cryptocurrency fell to $28,500 during the early hours of Thursday. Ethereum also showed major downtrend and is at $ 2,100 after sliding down a whopping 10.08 per cent. Cryptocurrency markets have crashed in the last 24 hours. XRP Ripple is also down by 19.43 per cent in the last 24 hours. The BNB token has gone down by a massive 14.07 per cent. Bitcoin is down by a whopping 5.13 per cent after breaking support levels and is trading at $29,269. The global market cap is down by 9.37 per cent in the last 24 hours and is at $1.27 trillion as of 7:45 AM IST, CoinMarketCap data showed.

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