While bitcoin fell to new lows on Monday, the price of terra (LUNA) has dropped 33.3% in the last 24 hours. Moreover, the stable token project terrausd (UST) lost stability, falling to $0.932008 per token. In addition, Luna Foundation Guard bitcoin wallet and Gnosis secure ethereum address were emptied.
**This article has been updated with a new paragraph reflecting the terrausd (UST) price dropping to $0.86 per token on Monday, May 9, 2022 at 6:10 pm (ET). The article also mentions the Luna Foundation Guard bitcoin wallet, which holds 28,205 bitcoins at the time of writing. By 8:15 p.m. (ET) terrausd (UST) hit a low of $0.704843 per unit, down 29.4% in the last 24 hours.
The LUNA price is putting a lot of pressure on the stable Terra UST currency
More than $830 million has been withdrawn from the crypto economy in the last 24 hours, and the price of bitcoin (BTC) has fallen to lows not seen since January 2022. In the last seven days BTC has lost 20.2% of its value against the U.S. dollar, and 11% of its value has been shaved off in the last 24 hours. In addition, many crypto-assets have suffered larger losses, such as terra (LUNA) down 33.3%.
This stress caused the UST peg, or $1 parity, to fall below the value of the dollar. At its lowest level on Monday, terrausd (UST) fell to $0.932008 per unit, according to Coingecko.com statistics. UST’s 24-hour price range on Monday was between $0.932008 and $0.999601 per unit.
Luna Foundation empties bitcoin and etherium wallets
In addition to the losses UST and LUNA took on Monday, after it was revealed that Luna Foundation Guard (LFG) would lend $1.5 billion in BTC and UST, both LFG public bitcoin and etherium wallets were emptied. LFG’s bitcoin wallet once contained 42,530.82 BTCbut sent the entire stash in one transaction to another wallet. In addition, LFG’s Gnosis safe address, which once held millions of dollars in USDC and USDT, has also been emptied.
Deploying more capital – stable guys
– Do Kwon 🌕 (@stablekwon) May 9, 2022
May 3 LFG Gnosis safe address tweeted “Deploying more capital – guys, don’t relax.” On Monday, UST’s price improved slightly after posting capital, but it has been down 4.5-6.5% in the last few hours.
While other stable assetssuch as USDC and USDT have come under pressure today, suffering much smaller percentage losses, the two largest stablocoins by market capitalization have held their ground. Tether was down to $0.995691 per unit on Monday, and the usd coin (USDC) fell to $0.994630 per unit.
On Binance usd (BUSD) is trading at $0.996616 and DAI at $0.995420. Most stackablecoins pegged to the U.S. dollar, other than UST, continue to trade at $0.975328 to $0.99 per token. Meanwhile, as of this writing at 4:00 p.m. (ET), UST is attempting to regain parity at $1, but has yet to reach that goal. As of 4:30 p.m. (print time), stable cryptocurrency UST has managed to jump to $0.956017 per unit.
$0.86 per token, according to market data from coingecko.com and numerous reports updated the public about its bitcoin (BTC) wallet. LFG also noted that “updates will . LFG’s bitcoin wallet contains 28,205.54 BTC BTC.
By 8:15pm terrausd (UST) hit a low of $0.704843 per unit, down 29.4% in the last 24 hours. Moreover, the UST de-peg talk was one of the hottest cryptocurrency discussions on social media and forums throughout the day.
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