The Whole Crypto Market is in a Selling Frenzy; is it Going to Zero?
-The bitcoin price has fallen below $30,000 per bitcoin, and other cryptocurrencies have also fallen in value.
-The largest algorithmic stablecoin, UST, has lost nearly 90% of its value in the past week.
-The Luna Foundation Guard has said it will sell its $3 billion in bitcoin reserves to defend its pricing.
-Do Kwon, the founder of Terra Labs, UST, and Luna, has guaranteed that another bailout is on the way.
-A leading trader, Alex Krger, wrote on Twitter that with the UST peg gone, luna would default to zero unless parity and confidence are rebuilt. This can only be done with a large capital infusion and protocol adjustments.
Share this:
Related
More Stories
Don’t worry, your crypto won’t go anywhere during the FTX collapse
The collapse of FTX has caused Brazilian retail and institutional sentiment toward crypto to decline, but this will not affect...
Project Ubin: Singapore’s Quest to Launch a Blockchain-Based National Currency
- Blockchain is a digital database that employs cryptographically linked networks of peer-to-peer nodes - It is a technology that...
Bitget Eyes Global Expansion as it Registers in Seychelles
Bitget plans to increase its workforce by 100 by the end of the year. -The exchange has updated its target...
Lido crypto shines amid market struggles
Lido Finance has been a bright spot amidst the chaos of the crypto market, earning $1 million or more in...
Nexo Sued for Blocking $126M Withdrawals in 2020-21!
The Mortons claim they were pressured into selling millions of Nexo's native token back to the firm at a discount...
Investors need to rethink how they hold assets after FTX collapse, Blockchain.com CEO says
- The FTX collapse is a tragedy and total failure of governance - This will accelerate a trend back towards...
