Why did Terra LUNA and UST crash?

Why did Terra LUNA and UST crash? | Understanding Market Reports

Crypto investors never thought they had to ask TerraUSD (UST) or Luna Will reach $1 first. The issue became a talking point in crypto circles on Wednesday as the ecosystem collapsed.

As the algorithmic stablecoin UST loses its peg to the dollar, falling to lows around $0.30, Terraform Labs co-founder Do Kwon Share his rescue plan on Twitter (NYSE:). Meanwhile, the value of LUNA, the sister token of once the top 10 crypto project by market cap, plunged more than 98% to $0.84, according to CoinMarketCap. FYI: LUNA was trading above $120 in early April.