It's been quite an interesting week in cryptoland, with stablecoin TerraUSD (UST-USD) losing its dollar peg (its now worth 10 cents) and sister token Luna (LUNA-USD) crashing to $0. Bitcoin (BTC-USD) also plunged to as low as $26,292, losing 32% of its value since the beginning of the month, before rebounding as much as 12% early Friday to $30,947. The crypto sector has been swept up in broad selling of risk assets like tech stocks, as well as worries over the industry as a whole and fears of more liquidations. Commentary: "Over half of all Bitcoin and Ether traded on exchanges are versus a stablecoin, with USDT or Tether taking the largest share," analysts at Morgan Stanley wrote in a research note. "For these types of stablecoins, the market needs to trust that the issuer holds sufficient liquid assets they would be able to sell in times of market stress." As mentioned earlier this
