Tether Loses $1 Peg, Bitcoin Drops to 2020 Levels of near $24K
Weak sentiment around stablecoins may have contributed to USDT’s depegging this morning. Original Source
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Peg
Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents
Bitcoin (BTC) fell out of its long-term trading range on May 12 as ongoing sell pressure reduced markets to 2020 levels.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTether wobbles as UST stays under $0.60Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it exited the range in which it had traded
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'$DAI Will Die' Tweet Twisted Back on Terra's Kwon as UST Loses $1 Peg
DAI briefly surpassed UST as the biggest DeFi stablecoin on Wednesday. Original Source
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Terra founder Do Kwon shares plan to save the UST stablecoin peg
Do Kwon, CEO of Terraform Labs, will not admit defeat. After an 18-hour wait in which his coins Terra (LUNA) and TerraUSD (UST) endured a face-ripping freefall, Do Kwon has announced his “rescue plan" for the Terra community. Terra is down 90% from its all-time highs, while the “stablecoin” UST is
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Bitcoin Flirts With $30K During Asia Trading Day as Luna Foundation Guard Fights to Defend UST Peg
Bitcoin was down over 3.5% throughout the trading day in Asia, briefly touching the $30,230 mark, according to the CoinDesk price index, as the Luna Foundation Guard (LFG) moves the entirety of its reserves to bitcoin exchanges to defend UST’s peg. Source
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UST’s Bitcoin Reserve Too Late in Coming to Save Dollar Peg
Luna Foundation Guard’s billions of dollars in bitcoin without an actual infrastructure ready to deploy left Terra’s stablecoin UST vulnerable to a ‘Soros-style attack’, an analyst said. Source
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UST Backer LFG Seeks $1B to Shore Up Stablecoin Peg: Report
The funding comes as the dollar-pegged stablecoin dropped as low as $0.60 yesterday amid broader market turmoil. Source
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Investors Flee Terra’s Anchor as UST Stablecoin Repeatedly Loses $1 Peg
Deposits on the Anchor protocol plunged below $9 billion from $14 billion since Friday after Terra’s stablecoin, UST, struggles to recover to $1. ANC, the protocol’s token fell 35% during the day. Source
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UST Stablecoin Veers Wildly From Dollar Peg. Here's the Latest
By tapping into its bitcoin reserves, UST’s salvation may have exacerbated a bitcoin sell-off that brought BTC to its lowest price since July 2021. Original Source
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Terra peg mechanism in doubt as UST crashes to 67 cents
The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which
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