Terra’s two primary coins went into freefall today, making this a sad day for the crypto community.
So-called stablecoin UST has fallen to as low as 26 cents in value.
Sister token Luna, a “shock absorber” for UST, fell to less than 90 cents at one time before rebounding marginally to $1.80. After losing 96% of its value in the last seven days, the coin’s market value is currently lower than that of the stablecoin it replaced.
Panic has engulfed the crypto markets, causing Bitcoin and Ethereum values to fall significantly.