Crypto crash: Stablecoin collapse sends tokens tumbling
https://www.bbc.co.uk/news/technology-61425209
Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called "stablecoin" with it.
The Terra Luna token fell from a high of $118 (£96), last month, to $0.09 on Thursday.
The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable.
And spooked investors are now pulling out of major crypto-currencies, sending markets plummeting.
The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar - with one token equalling $1, for example.
But on Thursday TerraUSD fell to $0.4 according to the trading website Coin Market Cap.
Tether, the most popular stablecoin, also fell off its US dollar peg - to an all-time low of $0.95.