Futures traders lost $106 million on Terra’s LUNA in the past 24 hours as prices fell below $7. By shauryamalwa
LUNA’s drop was among the steepest for a major cryptocurrency in recent times. Prices fell 85% in the past 24 hours, and 32% in the past hour alone as traders priced in contagion risks to the LUNA tokens as TerraUSD , the platform stablecoin pegged to U.S. dollars, lost its peg earlier this week.apparently issued more tokens
to sell to the open market and raise money to back UST. As per its design, $1 worth of LUNA can be exchanged for exactly 1 UST, or vice versa. The additional supply could have contributed to LUNA’s tremendous price plunge in the past 24 hours.
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