Terra is crumbling. The blockchain project home to the popular algorithmic stablecoin TerraUSD (UST), which had recently become the fourth-largest stablecoin by market value but now sits at fifth, is near collapse as UST repeatedly fails to sustain its $1 peg and LUNA, the blockchain’s native token, near zero. Terraform Labs, the tech start-up behind […]
Bitcoin plunged and the world’s largest stablecoin, tether, briefly edged down from its $1 peg, adding to fears of more turbulence in the cryptocurrency market. Cryptocurrencies have been hit by two forces this week. On one side, concerns that inflation will necessitate aggressive central-bank tightening have sapped the desire to hold assets perceived as higher […]
Bitcoin prices have suffered a route over the past week alongside other cryptocurrencies. dreamstime Textsize Bitcoin and other cryptocurrencies remained under pressure Wednesday, but above their Tuesday lows, with the focus on the meltdown of stablecoin TerraUSD, which is designed to be pegged to the US dollar. The price of Bitcoin fell 2% over the […]