fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Thursday, March 23, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

TerraUST Disaster Spells ‘Doom’ For Other Algorithmic Stablecoins

June 3, 2022
in Altcoin
Reading Time: 2 mins read
A A
TerraUST Disaster Spells ‘Doom’ For Other Algorithmic Stablecoins
ShareShareShareShareShare

The Terra UST crash sent shockwaves around the crypto world indicating that not everything ‘stable’ is indeed stable. TerraUST got depegged 1:1 from the USD crashing straight to $0 in a free fall slump in 3-trading days. The crash shed doubts on the happenings of Terraform Labs team and its founder Do Kwon of wrongdoings. The crash has led to fears that other stablecoins might face a similar fate and wipe all investments in a jiffy.

Tether co-founder Reeve Collins believes that the TerraUST disaster spells doom for other algorithmic stablecoins. He revealed to CNBC that last month’s crash could be a catalyst that triggers the downfall of other algorithmic stablecoins. He also stated that TerraUST’s fall to $0 “was not a surprise.”

Related articles

Uphold ends staking for US customers following SEC guidance

Uphold ends staking for US customers following SEC guidance

March 23, 2023
58% Of (DOGE) Holders in Profit as Price Spikes

58% Of (DOGE) Holders in Profit as Price Spikes

March 23, 2023

Read More: Leaked Luna ‘War Room’ Chat Log Goes Online For Public Viewing

“It’s an algorithmic-backed, stablecoin. So it’s just a bunch of smart people trying to figure out how to peg something to the dollar,” he said to CNBC.

In his opinion, Collins revealed that other algorithmic stablecoins might soon follow UST and ultimately come to an end. In other words, TerraUST’s fall has opened up a Pandora’s Box of fears suggesting investors stay cautious on UST.

UST Stablecoin Supplies Drop $30 Billion

Investments in stablecoins saw their steepest fall as they dropped $30 billion in the last 30-trading days. The development indicates that trust in UST is eroding and investors are playing it safe to protect their finances. Crypto data aggregation and analytics firm CryptoRank published the findings today, saying it’s the largest decline in the history of the crypto market.

In addition, the market is trading on the backfoot making investors hold on to their wallets before going all-in. A bull run is nowhere on the horizon and the markets are expected to dip further due to weak global economic cues. Most importantly, investors are already deep underwater and forced to hold on to their holdings for a longer period in return for decent gains or break even.

Read More: Senate Candidate Plans to Make Dogecoin ‘Legal Tender’ in California

At press time, LUNA 2.0 was trading at $6.95 and is up 8.9% in the 24-hours day trade.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Binance to Sponsor The Weekend’s Upcoming Music Tour

Next Post

Be prepared for an “economic hurricane” warns JPMorgan’s Jamie Dimon

Related Posts

Uphold ends staking for US customers following SEC guidance

Uphold ends staking for US customers following SEC guidance

March 23, 2023

Ad Crypto exchange Uphold, which is integrated into the Brave Rewards program of the Brave browser, has sent an email...

58% Of (DOGE) Holders in Profit as Price Spikes

58% Of (DOGE) Holders in Profit as Price Spikes

March 23, 2023

The emergence of Dogecoin has been instrumental in paving the way for the current expansion of the meme coin realm....

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates

March 23, 2023

Quick Take USDT dominance exceeds 60% for the first time since June 2021. The other top four stablecoins have all...

If You Invested $100 in Jan 2021, You Could Make $14 Million Today

If You Invested $100 in Jan 2021, You Could Make $14 Million Today

March 23, 2023

Shiba Inu boasts about hundreds of stories on how early investors turned into millionaires with an average investment of $100....

Arbitrum network activity booms ahead of airdrop

Arbitrum network activity booms ahead of airdrop

March 23, 2023

Ad Network activity on Arbitrum has been booming, with the popular Ethereum layer-2 solution seeing an unprecedented uptick in the...

Load More
Next Post
Be prepared for an “economic hurricane” warns JPMorgan’s Jamie Dimon

Be prepared for an "economic hurricane" warns JPMorgan's Jamie Dimon

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

OKX To Close Operations In Canada By March 24, Here's Why | Bitcoinist.com – Bitcoinist

OKX To Close Operations In Canada By March 24, Here's Why | Bitcoinist.com – Bitcoinist

March 21, 2023
Russian Parliament Votes on Bill Opening Door for Digital Ruble – Finance Bitcoin News

Russian Parliament Votes on Bill Opening Door for Digital Ruble – Finance Bitcoin News

March 18, 2023
The Federal Reserve Intervenes: Bank Term Funding Program

The Federal Reserve Intervenes: Bank Term Funding Program

March 20, 2023
Messari CEO Backs Ripple, Hopes XRP to Win

Messari CEO Backs Ripple, Hopes XRP to Win

March 22, 2023
SBF's shocking connection to FDIC chairman prior to FTX collapse … – Cryptopolitan

SBF's shocking connection to FDIC chairman prior to FTX collapse … – Cryptopolitan

March 19, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • IOTA and Web3 Builder NakamaLabs explore the benefits of tokenization with real-world use cases
  • Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase
  • Federal Reserve Admits Blindsided Oversight of SVB Collapse
  • Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets
  • Uphold ends staking for US customers following SEC guidance
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,382.003.92%
  • ethereumEthereum(ETH)$1,823.594.98%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.01-0.25%
  • binancecoinBNB(BNB)$330.452.16%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • rippleXRP(XRP)$0.4463664.59%
  • cardanoCardano(ADA)$0.3726543.60%
  • dogecoinDogecoin(DOGE)$0.0774854.95%
  • staked-etherLido Staked Ether(STETH)$1,818.044.75%
  • matic-networkPolygon(MATIC)$1.131.17%
  • solanaSolana(SOL)$22.153.04%
  • binance-usdBinance USD(BUSD)$1.01-0.12%
  • polkadotPolkadot(DOT)$6.283.57%
  • litecoinLitecoin(LTC)$93.4110.81%
  • shiba-inuShiba Inu(SHIB)$0.0000112.77%
  • tronTRON(TRX)$0.06561510.08%
  • avalanche-2Avalanche(AVAX)$17.575.01%
  • daiDai(DAI)$1.00-0.25%
  • uniswapUniswap(UNI)$6.243.79%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,449.003.86%
  • chainlinkChainlink(LINK)$7.595.89%
  • cosmosCosmos Hub(ATOM)$11.734.19%
  • leo-tokenLEO Token(LEO)$3.370.09%
  • ToncoinToncoin(TON)$1.98-17.75%
  • ethereum-classicEthereum Classic(ETC)$20.704.42%
  • moneroMonero(XMR)$156.084.89%
  • okbOKB(OKB)$44.990.23%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$128.061.95%
  • stellarStellar(XLM)$0.0926102.79%
  • filecoinFilecoin(FIL)$5.906.42%
  • AptosAptos(APT)$13.156.68%
  • true-usdTrueUSD(TUSD)$1.00-0.23%
  • lido-daoLido DAO(LDO)$2.33-0.12%
  • hedera-hashgraphHedera(HBAR)$0.0623532.16%
  • ArbitrumArbitrum(ARB)$1.45-71.27%
  • quant-networkQuant(QNT)$127.022.11%
  • crypto-com-chainCronos(CRO)$0.0701712.75%
  • nearNEAR Protocol(NEAR)$2.046.06%
  • vechainVeChain(VET)$0.0236434.16%
  • blockstackStacks(STX)$1.161.11%
  • algorandAlgorand(ALGO)$0.2180500.92%
  • internet-computerInternet Computer(ICP)$5.194.22%
  • apecoinApeCoin(APE)$4.145.56%
  • fantomFantom(FTM)$0.4937404.93%
  • the-graphThe Graph(GRT)$0.1532268.39%
  • eosEOS(EOS)$1.165.88%
  • the-sandboxThe Sandbox(SAND)$0.663.01%
  • decentralandDecentraland(MANA)$0.614.12%