Latest News

Terra’s LUNA Drops Below $10 Due To A Massive Sell-Off

At 5:06 a.m. UTC on the Binance exchange, Terra’s LUNA fell below the $10 mark, reaching an intraday low of $9.61.

Within a week, the beleaguered cryptocurrency has lost 87 percent of its value. After the dramatic drop, it currently ranks below Litecoin and Bitcoin Cash on CoinMarketCap.

Image by

Despite the Luna Foundation Guard using all of its Bitcoin assets to support the algorithmic stablecoin, Terra’s UST is trading at $0.78, failing to regain its peg.

The project’s controversial founder, Do Kwon, recently tweeted that he was close to announcing a UST recovery plan, but the price action indicates that investors have lost faith in Terra.

During a recent congressional hearing, US Treasury Secretary Janet Yellen used the downfall of Terra to argue for stablecoin regulations.

Related Posts – This was a major factor in Bitcoin’s (BTC) drop to $35,000

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.