LUNA drops to new market lows on 12 May 2022

The cryptocurrency dropped below USD 0.30 for the first time early on 12 May, hitting a low point of USD 0.21 as of in the morning of the 12th, based on Binance data. Binance currently facilitates more trading in LUNA than any other exchange, according to CoinGecko, cited by The Block.

Image source: nairametrics.com

The price of LUNA first fell below USD 1 on 11 May 2022, down from more than USD 65 at the start of the week. Over the past few days, TerraUSD (UST) — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar — has drastically de-pegged, throwing crypto markets into crisis. UST’s price currently stands around USD 0.60, according to Binance, but it had dropped as low as USD 0.02250, The Block editors explain.

Beyond Luna, Bitcoin's price has also fallen sharply this week, along with other notable crypto coins. On 12 May 2022, the cryptocurrency is trading at roughly USD 26,660, having hit a local low of USD 26,607 on Coinbase, per TradingView data, cited by The Block.