Tether loses its dollar peg on exchanges as Bitcoin falls to December 2020 levels.
Hearing about a lot of funds possibly insolvent from Luna meltdownLUNA, Tether's in-house token, had all but capitulated in value at the time of writing, trading at around $0.22. At the start of May, LUNA/USD traded at $80.UST, currently the focus of Terra executives committed to restoring its U.S. dollar peg, was at around $0.
60, still far from $1 but more than double the week's record lows.Nevertheless, the strain was increasingly visible across crypto, as largest stablecoin Tether itself began to deliver worrying signs that it was copying UST's downfall.Commenting on system stability, Tether chief technology officer Paolo Ardoino said that withdrawals of USDT were proceeding as normal.