Terra's LUNA plunged below the $10 mark at 5:06 a.m. UTC on the Binance exchange, hitting an intraday low of $9.61. The embattled cryptocurrency is now down a staggering 87% within a week. It is now sitting below Litecoin and Bitcoin Cash on CoinMarketCap after the stunning collapse.
Terra's UST is trading at $0.78, failing to restore its peg despite the Luna Foundation Guard deploying all of its Bitcoin reserves to bolster the algorithmic stablecoin. Do Kwon, the project's controversial founder, tweeted that he was close to announcing a recovery plan for UST, but the price action shows that investors no longer have faith in Terra. As reported by U.Today, U.S. Treasury Secretary Janet Yellen recently cited the implosion of Terra to make a case for stablecoin regulations during a recent congressional hearing.
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