Terra LUNA and UST Crash Analysis
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TerraUSD and LUNA lost most of its market value in just 24 hours. Despite the injection of BTC, UST remained unable to return to its $1 peg causing grave concern for the so-called “stability” of stablecoins - this stablecoin is an algorithmic stablecoin maintained using smart contracts and LUNA while other big cryptocurrencies such as Tether and USD Coin are pegged to a fiat currency: What Is Going On With Terra (LUNA) and TerraUSD (UST)?
Some analysts remain heavily sceptical over Bitcoin being used to back a stablecoin, considering that the biggest cryptocurrency has lost nearly 20% of its value in a week. Briefly dropping below the $30,000 mark for the first time in ten months, Bitcoin faces hurdles of its own.
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