LUNA drops after UST stablecoin slips below $0.70

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Terra's (LUNA) price has plunged by more than 50% in just one day.

This follows the loss of the UST stablecoin's peg, with the price plummeting to an intraday low of $0.6870. It is still trading below  $0.8522 at press time, despite attempts to rebound.

On May 19, 2021, Terra's most popular stablecoin hit an all-time low of $0.6870.

UST is an algorithmic stablecoin, which implies it is based on algorithms rather than centralized bodies like Tether or Circle to ensure its stability.