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Abstract：To bolster stablecoins, Tether claims to have struck a deal with a third party to swap $1 billion.
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The price of bitcoin fell again on Thursday, with smaller cryptocurrencies losing much more, as the market reacted to the collapse of stablecoin UST.
BTCUSD, -2.31 percent the world's most valuable cryptocurrency, fell 5% to $26,780. The coin has lost 24% this week and over 50% since its peak in November.
Wednesday's statistics showed a larger-than-expected spike in US inflation, leading to another down day for Wall Street stocks. US equities futures ES00, -0.34% NQ00, -0.68% fell before Thursday's open.
An algorithmic stablecoin called TerraUSD, or UST, was designed to maintain a one-to-one peg with US dollars. In the past week, UST has fallen below 30 cents on Binance.
Algorithms back UST with another crypto — Luna. When UST trades below $1, holders have an incentive to burn it and mint Luna LUNAUSD, -89.32 percent, which has also plummeted. Luna was trading at 23 cents, down 96% in 24 hours.
Tether USTUSD, -7.25 percent, commonly known as USDT, was trading below the buck at as low as 95 cents. According to a Tether spokeswoman, the UST situation “means nothing for the centralized stablecoin market.” They are two distinct assets.
A $1 billion transaction with a third party is planned for early Thursday, Tether stated.
“Tether is losing its Peg. Bianco Research CEO Jim Bianco tweeted: ”It hurts all Crypto.“ ”Crypto confidence is gone, and the risk of spread is great. Everyone flees if there is a slight wo Coinbase doesn't help! In today's trading, it's down 26% and contemplating You lose your coins if it happens.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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