$UST keeps setting records with its unprecedented collapse
Eric Balchunas, senior ETF analyst at Bloomberg, claims that the exotic product came close the breaking the all-time single worst day record in history that is held by XIV, a volatility exchange-traded note.
The XIV, which was issued by Credit Suisse to produce opposite returns of the VIX, collapsed a whopping 92% in February 2018. The notes were worth roughly $1.6 billion. The implosion of the obscure trading vehicle linked to stock volatility had a ripple effect on the broader market. The price of the LUNA token plunged below $1 earlier today, bottoming out at $0.69. The token managed to stage a short-lived comeback to the $7 level before plunging back to $1.11.TerraUSD has so far failed to restore its peg, currently sitting at $0.65., a Switzerland-based ETP issuer, announced the listing of the world’s first Terra crypto ETP on the SIX Swiss Exchange in January.
The product is supposed to give investors “the easiest and safest” way to get exposure to the controversial cryptocurrency.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BTC Dipped Below $30K for the First Time Since July 2021, LUNA Plummets 45% (Market Watch)Terra continues to freefall as LUNA plummeted by more than 40% in the past 24 hours alone. Bitcoin dipped below $30K for the first time in almost a year.
Read more »
Terra (LUNA) Collapses 60% as UST “Stablecoin” Drops Below $0.7$LUNA has crashed by more than 60% within 24 hours
Read more »
Binance suspends LUNA and UST withdrawals amid market turbulenceCrypto exchange Binance has suspended withdrawals of LUNA and UST tokens with the Terra-based stablecoin struggles to recover its peg to the US dollar.
Read more »
42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumblesTerra's UST stablecoin lost its peg to the U.S. dollar this week, falling to a low of 0.9428, according to CoinMarketCap.
Read more »
Binance Suspends LUNA and UST Token Withdrawals.Binance suspended trading of LUNA and UST citing network congestion as the tokens' prices nosedived. thesamreynolds reports.
Read more »
Withdrawals on Terra (LUNA) Network Temporarily Suspended | Binance SupportFellow Binancians, Withdrawals for LUNA and UST tokens on the Terra (LUNA) network were temporarily suspended on 2022-05-10 at 02:20 AM (UTC) due to a high volume of pending withdrawal transact...
Read more »