The historic de-pegging of the TerraUSD stablecoin this week sent shockwaves through the financial world.Crypto history was made this week as one of the most popular stablecoins, TerraUSD lost its peg to the US dollar and then, over the course of a few days, collapsed to below $0.30.
As of writing, UST is now trading at around $0.68 on Binance against Tether’s USDT, the most voluminous trading pair for UST. And Luna, Terra’s native asset that is supposed to help UST maintain its peg, is down to around $1.25, from $84 a week ago. Traditional stablecoins like Tether’s USDT and Circle’s USDC are said to be backed by cash and other assets. There are also crypto-collateralized stablecoins, most prominently Maker's Dai.
for those who got wrecked
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Terra (LUNA) Collapses 60% as UST “Stablecoin” Drops Below $0.7$LUNA has crashed by more than 60% within 24 hours The first lunareclipse of 2022 will take place on May 15 and 16, depending on your time zone. $LUNA Bloodmoon will peak May 16 at 12:11 a.m. EDT (0411 GMT).
Source: Utoday_en - 🏆 295. / 63 Read more »
Binance suspends LUNA and UST withdrawals amid market turbulenceCrypto exchange Binance has suspended withdrawals of LUNA and UST tokens with the Terra-based stablecoin struggles to recover its peg to the US dollar. Lol cryptos circuit breaker. Same as legacy markets when stock prices get volatile It’s back on again-this happens few hours ago… don’t sell dead news
Source: TheBlock__ - 🏆 464. / 53 Read more »
42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumblesTerra's UST stablecoin lost its peg to the U.S. dollar this week, falling to a low of 0.9428, according to CoinMarketCap. se viene otro bajoncito... 🐳 66c
Source: Cointelegraph - 🏆 562. / 51 Read more »
Binance Suspends LUNA and UST Token Withdrawals.Binance suspended trading of LUNA and UST citing network congestion as the tokens' prices nosedived. thesamreynolds reports. binance thesamreynolds “Somebody’s blowing up” binance thesamreynolds This is fine binance thesamreynolds Just longed $UST 🚀
Source: CoinDesk - 🏆 291. / 63 Read more »
Terra peg mechanism in doubt as UST crashes to $0.67This stablecoin is struggling with the stability bit. The third-largest stablecoin by market cap, TerraUSD, appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67. bad days for matkets… HOW the F..k is that even possible If you bought UST at $0.67, you would have had like 30+ % returns now 😂
Source: Cointelegraph - 🏆 562. / 51 Read more »
Binance temporarily suspends LUNA, UST withdrawals citing network congestionMajor crypto exchange Binance temporarily suspended the withdrawals for Terra and UST on Tuesday. Does this betray the crypto community’s inherent values of decentralization? (Reporting via Arijit_4)
Source: Cointelegraph - 🏆 562. / 51 Read more »