The cost of LUNA, the token that governs the Terra blockchain ecosystem part of Terra, the Terra blockchain platform, plummeted dramatically on Tuesday.
LUNA has posted a record low that was $13.57 for USDT, a currency traded on Binance, the largest trader of the cryptocurrency. LUNA is now recovering at the date of this article and is currently trading at $14.40.
The data from CoinGecko indicates that LUNA was trading for forty dollars as of the day.
LUNA reached its record in the early part of April, surpassing $116.
Despite general market turmoil and UST, the token price has fallen over 60% in the past 24 hours, the stablecoin tied to Terra particularly.
At the time of writing press time, UST is under pressure to fall and currently trading in the range of $0.69 in Binance after reaching the highest level of $0.94.
The stablecoin's volatility began with a string of market-related events on the weekend.
The equity markets, too, have been undergoing volatility and declines from the beginning of the year amid an increase in inflation and macroeconomic pressures triggered by the conflict in Ukraine; however, this week, US equity markets were cautious compared to Monday's performance.
Bitcoin is trading at $33,530 on Coinbase at today's writing time and dropping by nearly 20% over the last seven days.