The past few days have been akin to an emotional rollercoaster in the crypto market, however with more downs than ups sadly.
This article sums up the most important news of the past days in the crypto market, allowing you to remain on top of your crypto game!
Terra USD (UST) loses its USD parity, LUNA crumbles
A challenging last 72 hours for ex-top 10 crypto project Terra (LUNA).
Indeed, the project’s main native stablecoin, Terra USD (UST), repeatedly lost its US dollar parity and still has not recovered it at the time of writing, now trading around $0.40 apiece instead of the supposed $1.00.
This event undermined investors’ confidence in the project, despite its status as a major blue-chip in the crypto world, its promising prospects, and its multi-billion market cap.
This led the price of its native cryptocurrency, LUNA, to collapse a historical 97%, falling from around $87.00 seven days ago to under one dollar. Since then, the price of LUNA has seen a meagre rally, climbing back just over $2.50, but there is still a long way to go before going back to its previous levels.
After this major setback, it will be undoubtedly an arduous task for the Terra team to win investors’ confidence back.
Will Terra (LUNA) survive??
Launched in 2019 by South Korean fintech Terraform Labs, Terra is a promising project which focused on the development of a decentralised ecosystem based on stablecoins, a particular type of cryptocurrency whose price tracks the price of real-world fiat currencies, hence their denomination as “stable”.
This project was one of the top performers in 2021, generating a return of more than 15,000%. Terra even joined the club of so-called “Ethereum killers”, which also includes the BNB Chain (BNB), Cardano (ADA), Solana (SOL), Avalanche (AVAX), and other similar projects which have the potential to rival, or even replace Ethereum (ETH) as the leading blockchain in the future. Notably, the Terra network was…
