'Death spiral' for $UST and $LUNA was launched by the foundation that is supposed to protect it
But the reality is not even close to what should have happened on paper. Luna Foundation Guard held billions worth of BTC that it immediately dumped on the bleeding market, creating a horror show for market makers and investors.
The additional selling pressure from LFG caused a crash in BTC, which in turn dragged the entire market with it, including LUNA. With rising Bitcoin dominance on the market, Luna continued its fall, which practically meant entrance into a death spiral in which LFG had to sell moreWoo's point was that LFG's actions were counterintuitive and sped up the de-peg because of LUNA's backing mechanism.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
OKX Exec on Impact of Terra Ecosystem's 'Death Spiral'The $14 billion collapse of the Terra network continues to have a ripple effect throughout the crypto industry. Lennix Lai, director of financial markets at Seychelles-based crypto exchange OKX, discusses Terra's 'death spiral' and its fallout on platforms that listed LUNA and UST. What measures did OKX take in the attempts of protecting its UST staking investors? Plus, what the future holds for algorithmic stablecoins.
Les mer »
First Mover Asia: Singapore’s Regulators Will Be Eyeing Local Crypto Companies After Terra Collapse; Bitcoin ReboundsSingapore’s regulators are aware of the trend of crypto companies using a Singaporean entity to conduct business abroad with no material ties to the country; bitcoin jumps above $31K. thesamreynolds and JPRubin23 report
Les mer »
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown – Regulation Bitcoin NewsThe UK government has affirmed its commitment to regulating stablecoins following the Terra collapse. terrausd $UST $LUNA crypto cryptocurrency
Les mer »