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Cryptocurrency LUNA crashes below $10 amid catastrophic sell-off

Cryptocurrency LUNA crashes below $10 amid catastrophic sell-off

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Answer Cryptocurrency LUNA crashes below $10 amid catastrophic sell-off

The price of Terra’s LUNA cryptocurrency fell below the $10 level starting at 5:06 AM UTC on Binance and the price is still the same until the time of this article was published, but it got worse as the price fell to the $4.6 level.

Cryptocurrency LUNA is now down a whopping 83% in a matter of hours.

The decline in the price of the currency made it come out of the list of the top ten currencies, and its rank reached the 38th place.

Terra’s UST digital stablecoin is trading at $0.38, as it failed to regain its peg despite the Luna Foundation Guard taking out all of its bitcoin reserves to boost the algorithmic stablecoin.

Read:It’s Official… Craig Wright (False Satoshi) Doesn’t Hold the Keys to $8 Billion Bitcoin

Do Kwon, the founder of the controversial project, tweeted that he is about to announce a UST recovery plan, but the price action shows that investors no longer have faith in the Terra project.

The position of Project Terra caused regulators to seize the opportunity and make negative comments and even infer the collapse of the legislator in the crypto scare.

Recently, US Treasury Secretary Janet Yellen cited the explosion of Terra to make a case regarding stablecoin regulations during a congressional hearing.

Before the crash, UST was the third most popular stablecoin (after Tether and USDC).

These cryptocurrencies are designed to provide calm during turbulent times.

However, Terra’s detachment from its dollar peg is believed to be one of the main reasons behind the recent sell-off that has extended to the broader cryptocurrency market.

The cryptocurrency market is still in decline at the time of writing this article.

Bitcoin, the world’s largest cryptocurrency, is currently trading at $30,500.

Major altcoins also followed the performance of Bitcoin and most of them fell to lower levels.

Whereas Solana, Polkadot and Cardano recorded losses of more than 8%.

Read:OpenSea celebrates reaching a new trading volume

Terra’s crash is likely to remain the biggest market headwind for the foreseeable future.

Read also:

Billionaire “Mark Cuban” stated: There is a similarity between the current crypto market and the dotcom bubble

Central Bank of Nigeria allows bills to be paid using the central bank’s digital currency “eNaira”


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