Terra LUNA and UST Crash Analysis

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.