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Crypto Crash: Stablecoin collapse and sends tokens
Crypto Crash: Stablecoin collapse and sends tokens
Crypto Crash: Stablecoin collapse and sends tokens

Business

Crypto Crash: Stablecoin collapse and sends tokens

Crypto Crash: Crypto-currency markets are being shaken after a popular token loses 99% of its value, pulling down so-called “stablecoin” as well.

The Terra Luna token dropped from $ 118 (£ 96), last month, to $ 0.09 on Thursday.

The fall affected the knock on the connected token, TerraUSD, which is usually stable.

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And the aggrieved investors are now releasing large crypto-currencies, sending markets to collapse.

The companies behind stablecoins are trying to ensure that they remain equal to assets like the US dollar – with one token equal to $ 1, for example.

But on Thursday TerraUSD dropped to $ 0.4 according to the Coin Market Cap website.

Tether, the popular stablecoin, has also dropped its US dollar peg – going down every $ 0.95.

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‘Fear’


The term Crypto Crash has been trending on Twitter and Google Search.

And the combined market value of all crypto-currencies is now reported to be $ 1.12trillion, about a third of its November value, over 35% of that losses coming this week.

One bitcoin now costs about $ 27,000, according to the trading website Coin Market Cap, its lowest price since December 2020 and dropped from almost $ 70,000 late last year.

Crypto Crash: Stablecoin collapse and sends tokens

Ethereum, the second largest coin in terms of value, lost 20% of its value in 24 hours.

“The collapse of TerraUSD began with what we called ‘panic’, when major financial institutions sold large quantities of goods and everyone tried to withdraw their money immediately,” said economist Frances Coppola.

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“The panic is exactly what is happening here.”

Bitcoin price has dropped by 50% since November
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On Wednesday, Do Kwon, founder of Terraform Labs, the company following TerraUSD and Terra Luna, wrote on Twitter: to address this issue and build our own way out of this. “

A plan to strengthen Terra Luna by creating more tokens was unveiled – but as they have lost a significant amount, many Twitter users are asking the company to help.

Meanwhile, the company’s Discord server, a forum where investors gather to discuss issues. Issued a notice “closed to prevent young people from entering and spreading fear, uncertainty, doubt and inaccurate information”.
At Tether, the chief technology officer took to Twitter to assure the owners of his token. That the company had enough money to pay anyone who wanted to sell it.

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Paolo Ardoino wrote on Twitter: “[A] a reminder that Tether honors the release of [Tether] by $ 1 – 300 million spent in the last 24 hours, without a drop of sweat.”

Strong control


Lawmakers and officials in many countries have called for the regulation of Crypto Crash.

U.S. Treasury Secretary Janet Yellen cited the fall of TerraUSD. In a Senate committee meeting on Tuesday, to call for stronger legislation.

“It just shows that this is a fast-growing product and there are risks to financial stability and we need the right framework,” he said.

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A report by the UK Treasury last month also set out control measures for Crypto Crash. Which predicted it would be “” widespread payment methods “.

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