Cryptocurrency Luna Crashes to $0 as UST Falls Further From Dollar Peg

The sister token of controversial stablecoin TerraUSD is now basically worthless.

Luna plunged to $0 Friday morning, according to data from CoinGecko, marking a stunning collapse for a cryptocurrency that at one point was worth more than $100.

The demise of controversial stablecoin venture Terra has resulted in a meltdown in the crypto market, which erased billions of dollars in value in a single day.

TerraUSD or UST, is supposed to be pegged one-to-one with the U.S. dollar. UST has however lost its peg and on Friday was trading at around 12 cents, according to data from CoinGecko.

Bitcoin staged a rebound on Friday, jumping above $30,000 despite the ongoing woes of stablecoin TerraUSD which has caused panic in the crypto market. Investors likely took some comfort from news that tether, the world’s biggest stablecoin, had regained its dollar peg after declining below $1 for several hours.

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Source: CNBC