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The price of LUNA, the governance token of the Terra blockchain ecosystem, fell sharply on Tuesday.

LUNA posted a press-time low of $13.57 against USDT on Binance, the most voluminous spot exchange for the token. LUNA has since recovered as of the time of writing and is trading hands at $14.40.

Data from CoinGecko shows that LUNA was trading above $40 on Monday. LUNA posted its all-time high in early April above $116.

The token’s price has fallen more than 60% in the past 24 hours amid broader market turbulence and UST, the Terra-tied stablecoin, in particular.

UST’s gyrations have sent the algorithmic stablecoin, which relies on market incentives to maintain parity with the US dollar, as low as $0.60 on Monday before it posted a temporary recovery in the wake of that move down.

At press time, the UST is facing downward pressure and is trading at $0.69 on Binance after climbing to a 24-hour high of $0.94. Volatility around the stablecoin began with a series of market events on Saturday. 

The Block reported earlier Tuesday that the Luna Foundation Guard, a nonprofit focused on supporting the Terra ecosystem, was looking to raise more than $1 billion in order to provide more support to the market.

Equities markets, too, have experienced volatility and declines since the start of the year amid a period of higher inflation and macroeconomic conditions spurred by the war in Ukraine, though on Tuesday, US equities were more muted compared to Monday’s performance. 

Bitcoin is trading at $30,530 on Coinbase as of the time of writing, down nearly 20% in the past seven days. 

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