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.
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.
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