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The ‘chaos’ check of UST and what lies ahead for its LUNA-tic cost
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ambcrypto.comStablecoins rose to fame following the trust factor; the value of stablecoins is based on people’s trust in the company holding the collateralized reserve asset. But, that trust may waver on occasion.
The third-largest stablecoin by market cap Terra USD (UST) appears to be in chaos as it continues to lose value against the U.S. dollar. In fact, stablecoin, TerraUSD, or UST dropped to as low as $0.67 (-7%) following a wave of speculations and censure within the crypto community.
Source: CoinMarketCap
To make things worse, the said freefall caused massive liquidations on leveraged positions. Thereby, dropping its market cap to $12.3 billion according to CoinGecko data.
<p lang=«en» dir=«ltr» xml:lang=«en»>Liquidated long on LUNAUSDT: Sell 225,537,000 @ 35.302 Read more on ambcrypto.comAbout this in other media
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