Too Long; Didn't Read
Within just a couple of days, the price of LUNA crashed from above $83 to almost zero, and an algorithmic stablecoin of the ecosystem called UST lost its peg to the US dollar. This event shook the cryptocurrency market and pulled the prices of all cryptocurrencies down. Even USDT which is backed by USD and securities was traded at a rate slightly lower than 1 USD for a while. But while USDT recovered rapidly, UST after a short improvement continued its freefall.