IITMIND: EdTech, Finance and Crypto currencies

LUNA'S CRASH MADE INVESTORS WORRY AMID MARKET DOWNFALL

UST spiraled as low as $0.62 early Tuesday, while LUNA crashed to $24. They've slightly recovered in the last few hours.


The world’s top cryptocurrency exchange "Binance" made an announcement that it had halted LUNA and UST withdrawals early Tuesday due to the network's slowness and congestion, a high volume of pending withdrawal transactions got stuck for many users globally.

Terra’s flagship stablecoin, UST, lost its peg to the dollar yet again late Monday, falling below $1 and reached as low as $0.62. Amid the crash, Terraform Labs CEO assured the Terra community that the issue would be resolved. As of now, while writing the article Luna is trading at $29.36 while its market cap has fallen to $10.7B

Polygon’s Sandeep Nailwal was sympathetic, specifically giving a nod to Terraform Labs’ CEO, wishing "Good luck to him & the Luna community!”


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