Bitcoin

The Collapse of UST and LUNA Was Devastating, but There Is Still Hope for Crypto

On the intense aspect, one way or the other bitcoin didn’t utterly collapse. Over 80,000 BTC from that nearly $4 billion treasury was doubtlessly bought (we are able to’t but affirm if the bitcoin was really bought, but it surely was despatched to exchanges) throughout the mad sprint to get UST again to $1. That triggered a value response, certain, however then once more, the broader crypto market bought off as a result of dangerous issues had been occurring to an enormous crypto challenge (LUNA was as soon as the tenth most respected cryptocurrency). Add on the tenuous macroeconomic setting and common risk-off sentiment out there, and it feels virtually unimaginable that bitcoin nonetheless boasts a market cap of over $500 billion.

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