Terra (CRYPTO: LUNA) and its native stablecoin TerraUSD (CRYPTO: UST) brought each other down in a cryptocurrency market catastrophe that would not be easy to forget.
What Happened: Market data shows that Terra's price fell by over 97% from Wednesday's intraday high of $33.2 down to a low of $0.8755, before correcting to about $1.5 as of the time of writing. Algorithmic stablecoin UST lost its peg to the United States dollar in a similarly spectacular market movement, falling off its peg by over 70% as low as $0.2998 and trading under $0.40 as of press time.
