Terra UST Declines 88% in 5 Weeks as LUNA Foundation Liquidates Entire $BTC Holdings

– Terra LUNA’s price has fallen by 88% in the last 5 weeks, after reaching an all-time high of $119 on April 5th.

– The cryptocurrency is now down 96.49% from its all-time high, and ranks 37th in market value (down from 7th).

– UST, Terra’s algorithmic stablecoin, is trading at $0.497, failing to restore its peg to $1.

– The Luna Foundation Guard has deployed all of its Bitcoin reserves to bolster UST.

– Founder Do Kwon has announced plans to “absorb the stablecoin supply that wants to exit before UST can start to repeg”.

– Binance has halted LUNA and UST withdrawals due to network congestion.

– Cryptoanalyst Alex Kruger believes LUNA might go to zero if there are no changes to its protocol.

14746 Terra UST Declines 88% in 5 Weeks as LUNA Foundation Liquidates Entire $BTC Holdings
Terra UST Declines 88% in 5 Weeks as LUNA Foundation Liquidates Entire $BTC Holdings 2

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