Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST

Panic appeared to set in on crypto markets overnight on May 11 as Blockchain protocol Terra failed to steady its bleeding crypto assets.

Data from Cointelegraph Markets Pro and TradingView showed both the firm’s in-house token, Terra (LUNA) and stablecoin, TerraUSD (UST) seeing fresh heavy losses on the day.

A dubious new “all-time high” for Bitcoin

After a mass sell-off, which some argued was “coordinated” to destroy the Terra ecosystem, UST lost its peg to the United States…