Terra's nearly 100% drop has rest of crypto market on edge, with Bitcoin under $30K

Terra (LUNA-USD) coins are dropping almost 100% in Wednesday morning trading as its sister token TerraUST (UST-USD), an algortimic stablecoin, falls substantially further from its $1 peg in the midst of a broad selloff in cryptocurrencies. Moreover, LUNA tokens, which are governance tokens designed to stabilize the price of TerraUST (UST-USD), is collapsing 97% to $1.04 as of shortly before 9:00 a.m. ET, as coin supply surged in recent days. Specifically, ~46.24M LUNAs were issued on May 10 and more than 80M additional LUNAs have been issued in the past four days," according to a Twitter post by Wu Blockchain. As for TerraUST (UST-USD), "supply burned more than 1.89 billion for 4d, and on May 10, 1.2 billion UST was burned, setting a new record for single-day destruction," Wu Blockchain added. Selling pressure comes as bitcoin (BTC-USD -8.3%) remains around 50% below its all-time high in Nov. 2021. At the time of writing, bitcoin (BTC-USD -8.3%) is