The cryptocurrency market is facing an unprecedented collapse. The UST, known as the world’s third largest stablecoin, should have maintained a 1:1 exchange rate with the US dollar, but its price collapsed suddenly in just a few days. Although Terra kept its promise, in case the stablecoin value fell sharply, to sell the reserved Bitcoin as the last effort to defend its anchor.
Unfortunately, after exhausting 3 billion US dollars Bitcoins, the efforts remained futile, and the value of UST plunged by more than 90%. Meanwhile, its correlative cryptocurrency Luna evaporated by 99% value overnight and directly turned into worthless virtual data. As of this Monday, Luna had just 313 bitcoins left in its reserves, worth about $9.3 million.
UST is a stablecoin that relies on a complex set of codes and a floating token called Luna to balance supply and demand and stabilize prices. When UST fell below $1 last week, Luna was also dumped simultaneously, which led to a vicious circle. According to CoinGecko’s data, the whole value of UST’s was $18 billion before the crash, but now it is worth only 9 cents.
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