The sharp crash in Luna, the sister cryptocurrency of algorithmic stablecoin Terra, has sent shockwaves throughout the cryptocurrency market. What has happened, and what impact could it have? The sharp crash in Luna, the sister cryptocurrency of algorithmic stablecoin Terra, which has rendered it almost worthless, has sent shockwaves throughout the cryptocurrency market, with experts likening the crash in the crypto market to be as severe as the big financial crisis of 2008. The near-collapse of these stablecoins, considered to be comparatively safer investment bets within the crypto universe, has also prompted regulators and authorities to call for stricter laws governing these financial assets.
