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Tether under strain as Bitcoin holds $27,000
Abstract：To bolster stablecoins, Tether claims to have struck a deal with a third party to swap $1 billion.
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The price of bitcoin fell again on Thursday, with smaller cryptocurrencies losing much more, as the market reacted to the collapse of stablecoin UST.
BTCUSD, -2.31 percent the world's most valuable cryptocurrency, fell 5% to $26,780. The coin has lost 24% this week and over 50% since its peak in November.
Wednesday's statistics showed a larger-than-expected spike in US inflation, leading to another down day for Wall Street stocks. US equities futures ES00, -0.34% NQ00, -0.68% fell before Thursday's open.
An algorithmic stablecoin called TerraUSD, or UST, was designed to maintain a one-to-one peg with US dollars. In the past week, UST has fallen below 30 cents on Binance.
Algorithms back UST with another crypto — Luna. When UST trades below $1, holders have an incentive to burn it and mint Luna LUNAUSD, -89.32 percent, which has also plummeted. Luna was trading at 23 cents, down 96% in 24 hours.
Tether USTUSD, -7.25 percent, commonly known as USDT, was trading below the buck at as low as 95 cents. According to a Tether spokeswoman, the UST situation “means nothing for the centralized stablecoin market.” They are two distinct assets.
A $1 billion transaction with a third party is planned for early Thursday, Tether stated.
“Tether is losing its Peg. Bianco Research CEO Jim Bianco tweeted: ”It hurts all Crypto.“ ”Crypto confidence is gone, and the risk of spread is great. Everyone flees if there is a slight wo Coinbase doesn't help! In today's trading, it's down 26% and contemplating You lose your coins if it happens.
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