The Luna and UST crash has been the major talking point in the recent bloodbath that the market has experienced. After reaching new highs earlier in the year, the LUNA token has come crashing down hard, and the UST token has depegged greatly from $1.
The Luna Foundation Guard has taken multiple steps to try to maintain the $1 peg, but the stablecoin sits at $0.35 at the time of publishing. The crash of the stablecoin and the LUNA has led to losses for Asian crypto companies as well.
The crash has even caught the attention of U.S. Treasury Secretary Janet Yellen, who has asked for stablecoin regulation by the end of the year. It’s clear that the crypto market’s events are beginning to have broader implications in the market, especially as more investors and institutions enter. As a result, more regulation is likely going forward.
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