Price of algorithmic stablecoin UST drops 2% below dollar peg By Timccopeland
Evidence for traders selling UST can be seen in the Wormhole bridge, a platform designed to exchange assets across blockchains. The pool of stablecoins within the protocol was previously made up of 50% UST, with the remainder in various other stablecoins. USTIn light of such concerns, the Terra ecosystem has been stockpiling bitcoin to use as a backstop.
Yet there appears to be strong downwards pressure on the peg. After falling to $0.98 initially, the price of UST rose as high as $0.986 — before falling back down again. As for the price of LUNA, it has fallen 14% today to $55 among a general crypto market downturn. It is now down 54% from its all-time high of $118 in April.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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