Cryptocurrency TerraUSD Plunges as Investors Bail

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A selloff in a cryptocurrency that was supposed to be pegged to $1 accelerated Wednesday, sending its price to less than a quarter of that value.

TerraUSD traded at 24 cents Wednesday, according to data from CoinDesk, wiping out more than $10 billion in market capitalization in the span of a few hours. A so-called stablecoin, this breed of cryptocurrencies had gained favor among traders for being the one part of the crypto universe that was revered for its stability.