The US Treasury Secretary sees an urgent need for action when it comes to regulating the crypto market.
(Photo: IMAGO/UPI Photo)
New York, Dusseldorf Luna and UST, the tokens of crypto project Terra, are in free fall. According to data from the analysis house Coinmarketcap, Luna has lost up to 90 percent of its value since Tuesday. UST fell as much as 60 percent over the same period to below 40 cents — which is actually a stablecoin that should be priced steady at $1.
Terra is a blockchain protocol that uses stablecoins linked to classic currencies for price-stable global payment systems. According to the Terra whitepaper, the protocol combines the price stability and widespread use of classic currencies with the independence of Bitcoin (BTC) and advertises fast and affordable settlements.
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