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Bitcoin was down over 3.5% throughout the trading day in Asia, briefly touching the $30,230 mark, according to the CoinDesk price index, as the Luna Foundation Guard (LFG) moves the entirety of its reserves to bitcoin exchanges to defend UST’s peg. Source
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The price action represented one of the biggest drops for a major cryptocurrency. Data shows LUNA prices have dropped 90% in the past week and 7% in the past hour alone. The tokens are now down 92% since lifetime highs of $119 in April 2022, just more than a month
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As the crypto community still tries to decipher Terra’s ongoing pegging-depegging fiasco in relation to its stablecoin offering Terra USD (UST), major crypto exchange Binance announced the suspension of withdrawals for LUNA and UST until further notice on Tuesday. The market value of UST, Terra’s stablecoin offering, recently fell below the
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LUNA token down is 52% on-day while UST is trading at 76 cents. Original Source
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Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%. Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent
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BTC and many altcoins are fast approaching the “capitulation phase,”
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The move comes after UST briefly lost its peg to the U.S dollar over the weekend. Original Source
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UST briefly lost its dollar peg on Saturday, leading to questions around whether Terra’s Bitcoin reserves will soon face their first test Original Source
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Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly
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Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weekend. Overall, crypto markets remained in the red, however ALGO was one of the rare exceptions to record significant gains. Algorand (ALGO) ALGO was easily one of the biggest gainers during Saturday’s
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