<p>The price of algorithmic stablecoin UST fell to a new low on Monday amid continued volatility in the broader cryptocurrency market.</p> <p>According to market data from <a href="https://www.binance.com/en/trade/UST_USDT?ref=37754157&amp;theme=dark&amp;type=spot" target="_blank" rel="noopener">Binance</a>, which hosts the most voluminous market pair for UST against USDT, the stablecoin hit a low of $0.9202.</p> <p>The price has since regained some ground and is trading at $0.948, market data shows. UST had begun to <a href="https://www.theblockcrypto.com/post/145828/price-of-algorithmic-stablecoin-ust-drops-2-below-dollar-peg" target="_blank" rel="noopener">lose renewed ground</a> against the dollar earlier Monday, as The Block reported. </p> <div id="attachment_145877"class="wp-caption aligncenter" style="max-width: 976px;"><img class="has-caption size-full wp-image-145877" src="https://www.tbstat.com/wp/uploads/2022/05/USTUSDT_2022-05-09_15-03-23.png" alt="" width="966" height="690" /><p class="wp-caption-text">Source: TradingView</p></div> <p>The tumultuous period <a href="https://www.theblockcrypto.com/linked/145676/ust-stablecoin-struggles-to-maintain-1-parity-amid-crypto-market-turbulence" target="_blank" rel="noopener">kicked off</a> on Saturday, triggered by a series of market events that led UST to struggle to hold parity against the dollar. An algorithmic stablecoin, UST utilizes market incentives in order to maintain its $1 peg. </p> <p>Monday's fall is significant as it represents a new market low for UST, which fell to $0.96 in May 2021 amid "extreme volatility," as the Terra team said at the time.</p> <p>The development came hours after the Luna Foundation Guard, a Singapore-based nonprofit intended to support both Terra-based stablecoins and the broader ecosystem around that network, announced a plan to lend $1.5 billion worth of bitcoin and UST to third-party trading firms, with the intention of providing support for UST's peg.</p> <p>Terraform Labs co-founder Do Kwon alluded to this support in a 2:36 p.m. ET <a href="https://twitter.com/stablekwon/status/1523733542492016640?s=21&amp;t=pw2KAnV1Usb0j78i5ZpJjQ" target="_blank" rel="noopener">tweet</a>, writing: "Deploying more capital - steady lads."</p> <p>The moves also come amid broader volatility in the crypto market. Bitcoin's price fell to a low of $30,311 .99, building on an earlier decline that began Monday, as reported by The Block. Bitcoin is currently trading hands at approximately $30,670 on Coinbase, according to TradingView data. </p> <p>Equities are also seeing declines, with the Nasdaq Composite down roughly 3.5% as of press time. </p>