Terra (CRYPTO: LUNA) and its native stablecoin TerraUSD (CRYPTO: UST) brought each other down in a cryptocurrency market catastrophe that would not be easy to forget.
What Happened: Market data shows that Terra’s price fell by over 97% from Wednesday’s intraday high of $33.2 down to a low of $0.8755, before correcting to about $1.5 as of the time of writing. Algorithmic stablecoin UST lost its peg to the United States dollar in a similarly spectacular market movement, falling off its peg by over 70% as low as $0.2998 and trading under $0.40 as of press time.
See Also: How To Earn Free Crypto
Terra’s collapse vaporized nearly $11.7 billion of capital in mere hours as the token’s market cap shrunk from $12.24 billion down to $555 million. Similarly, TerraUSD’s market cap lost nearly $14 billion when its market cap fell from its 24-hour high of $18.8 billion down to today’s low of $4.91 billion.
Additional damage in the markets, is yet to be estimated, …
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