The crypto market went through a heavy bloodbath in the last few days. The price of LUNA, a native token of the Terra ecosystem, dropped 99% for the second day in a row, as per the CoinMarketCap. As of this writing, the LUNA price was exchanging hands at $0.00004988.
After the biggest meltdown of the industry, the largest cryptocurrency exchange, Binance, is moving forward with its decision to halt the trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens on its platform.
On Wednesday, Do Kwon, the founder of Terraform Labs, said the firm supports a community proposal helping TerraUSD (UST), a stablecoin backed by the U.S. dollar, repossess its peg.
The LUNA token is freefalling currently while the company behind the ecosystem, TerraForm, is looking for proposals in search of ways to save it and its native stablecoin, TerraUSD (UST), from a complete shutdown.
LUNA is signified to help UST, an algorithmic stablecoin, maintain its dollar peg using mint-and-burn mechanism. Investors will always have the option of swapping UST for $1 worth of LUNA and vice versa.
On Thursday, Bitcoin, the leading cryptocurrency by market cap, hit a low of $25,401.05, reaching its lowest level since Dec. 28, 2020.
Amidst panic in the crypto market, Tether, the world’s largest stablecoin, went below its $1 peg on Thursday.
On some exchanges, the token decreased 95 cents at around 3:15 a.m. ETA. It’s meant to be pegged 1-to-1 to the U.S. dollar. As per the data from Coin Metrics, it traded at $0.998 in the afternoon.
The Bitfinex Trading Team commented on the current scenario in the crypto market; below is the commentary provided by them:
“The extreme volatility that we’ve witnessed across the cryptocurrency market over the past 24 hours is demonstrable of just how nascent the technology is. The capitulation of Terra Luna and the issues that we see with Terra’s dollar-pegged algorithmic stablecoin UST are part of the growing pains of a space where innovation charts a course at a frenetic pace. The real story of the day is the relatively strong performance of the three leading cryptocurrencies, bitcoin, Ethereum, and Tether tokens (USDt). The trinity stands strong, demonstrating the strength and resilience of a digital token ecosystem that will define this entire decade.”
Founded in 2012, Bitfinex is a peer-to-peer trading platform that offers crypto trading services to cryptocurrency holders and global liquidity providers worldwide. In addition, Bitfinex also provides access to an OTC market, peer-to-peer financing, and financed trading for various digital assets. Bitfinex aims to provide support, tools, and innovation for experienced traders and global liquidity providers. Meanwhile, the Bitfinex Trading Team possesses years of valuable experience in the crypto field.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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(see all)Source: https://www.thecoinrepublic.com/2022/05/13/commentary-bitfinex-trading-team-on-recent-crypto-market-bloodbath-terraluna-btc-tether/
Commentary: Bitfinex Trading Team On Recent Crypto Market Bloodbath; Terra(LUNA), BTC, Tether
The crypto market went through a heavy bloodbath in the last few days. The price of LUNA, a native token of the Terra ecosystem, dropped 99% for the second day in a row, as per the CoinMarketCap. As of this writing, the LUNA price was exchanging hands at $0.00004988.
After the biggest meltdown of the industry, the largest cryptocurrency exchange, Binance, is moving forward with its decision to halt the trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens on its platform.
On Wednesday, Do Kwon, the founder of Terraform Labs, said the firm supports a community proposal helping TerraUSD (UST), a stablecoin backed by the U.S. dollar, repossess its peg.
The LUNA token is freefalling currently while the company behind the ecosystem, TerraForm, is looking for proposals in search of ways to save it and its native stablecoin, TerraUSD (UST), from a complete shutdown.
LUNA is signified to help UST, an algorithmic stablecoin, maintain its dollar peg using mint-and-burn mechanism. Investors will always have the option of swapping UST for $1 worth of LUNA and vice versa.
On Thursday, Bitcoin, the leading cryptocurrency by market cap, hit a low of $25,401.05, reaching its lowest level since Dec. 28, 2020.
Amidst panic in the crypto market, Tether, the world’s largest stablecoin, went below its $1 peg on Thursday.
On some exchanges, the token decreased 95 cents at around 3:15 a.m. ETA. It’s meant to be pegged 1-to-1 to the U.S. dollar. As per the data from Coin Metrics, it traded at $0.998 in the afternoon.
The Bitfinex Trading Team commented on the current scenario in the crypto market; below is the commentary provided by them:
“The extreme volatility that we’ve witnessed across the cryptocurrency market over the past 24 hours is demonstrable of just how nascent the technology is. The capitulation of Terra Luna and the issues that we see with Terra’s dollar-pegged algorithmic stablecoin UST are part of the growing pains of a space where innovation charts a course at a frenetic pace. The real story of the day is the relatively strong performance of the three leading cryptocurrencies, bitcoin, Ethereum, and Tether tokens (USDt). The trinity stands strong, demonstrating the strength and resilience of a digital token ecosystem that will define this entire decade.”
Founded in 2012, Bitfinex is a peer-to-peer trading platform that offers crypto trading services to cryptocurrency holders and global liquidity providers worldwide. In addition, Bitfinex also provides access to an OTC market, peer-to-peer financing, and financed trading for various digital assets. Bitfinex aims to provide support, tools, and innovation for experienced traders and global liquidity providers. Meanwhile, the Bitfinex Trading Team possesses years of valuable experience in the crypto field.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/05/13/commentary-bitfinex-trading-team-on-recent-crypto-market-bloodbath-terraluna-btc-tether/