UST Stablecoin Veers Wildly From Dollar Peg. Here's the Latest

From coindesk.com

Algorithmic stablecoin UST lost its $1 peg for the second time in three days Monday, falling as low as $0.65 according to the most recent price estimates from CoinMarketCap. As UST has "depegged," the price of LUNA, its sister token, has dropped 45% to $33 in the past 24 hours according to CoinMarketCap. The price action prompted the custodian of Terra’s bitcoin reserves, the Luna Foundation Guard (LFG), to snap up and quickly deploy 28,205 bitcoin in a bid to defend the peg by buying up UST and providing liquidity on exchanges. That action coincided with a modest recovery in UST’s price; it surged from lows in ... (full story)