The Galois Capital co-founder foresaw the problems with UST, and joined CoinDesk TV’s “First Mover” to discuss what could happen to it now.
Analysts expect greater price swings because of macroeconomic risks and ongoing stablecoin woes.
With bitcoin traders taking a beating overnight as Tether’s USDT stablecoin loses its $1 peg, plus a look at where the collapse of Terra’s stablecoin may fit in a history of self-delusion, CoinDesk’s Markets Daily is back with the latest news roundup.
The price of LUNA fell too low to prevent governance attacks, Terraform Labs tweeted when it announced the network had been halted.
The Banking Committee’s top Republican doesn’t want asset-backed stablecoins tarnished by the UST drama.
Algorithmic stablecoins are under pressure after Terra's UST lost its $1 peg.
Algorithmic stablecoin TerraUSD has fallen sharply from its $1 peg over the past 48 hours.
The funding is needed because the dollar-pegged stablecoin dropped as low as 60 cents Monday amid broader market turmoil.
The development comes after the Luna Foundation Guard announced that its massive bitcoin reserves will be used to defend UST’s dollar peg.
The Saturday event led to questions about whether Terra’s bitcoin reserves will soon face their first test