commodity exchange activities

The cryptocurrency TerraUSD had one job: Maintain its value at $1 per coin.Since it launched in 2020, it had mostly done that, rarely straying more than a fraction of a penny from its intended price. That made it an island of stability, a place where traders and investors could stash their funds in between forays into the otherwise frenzied crypto market. This week TerraUSD became part of the frenzy too, slumping by more than a third on Monday and then tumbling as low as 23 cents on Wednesday.…

A selloff in a cryptocurrency that was supposed to be pegged to $1 accelerated Wednesday, briefly sending its price to less than a quarter of that value.TerraUSD traded as low as 23 cents Wednesday, according to data from CoinDesk. As of 6:48 a.m. ET, it had rebounded partially to about 47 cents in volatile trading. A stablecoin, this breed of cryptocurrencies had gained favor among traders for being the one part of the crypto universe that was known for its stability. While the most popular stablecoins maintain their…