The cryptocurrency market is trying to recover this Friday with Bitcoin bouncing just above $30,000, up 9% over 24 hours after hitting a low of more than a year and a half yesterday around 26,000. dollars. The other cryptos are following the movement with Ethereum which is back at 2,000 dollars, Binance Coin at 300 dollars and above all the reference stablecoin Tether which is reassured at a perfect parity of 1 against the dollar.
Death of Luna
Meanwhile, the rout of the algorithmic stablecoin TerraUSD (UST) was confirmed this morning with the shutdown of the Terra blockchain. ” Tonight, at 4:13 a.m., the Terra blockchain was shut down again at block #7607789 “, announced the leaders in a tweet. As for the Luna token associated with TerraUSD, its value is now zero. Crypto exchanges have already started delisting these assets. The Binance platform, for example, interrupted TerraUSD deposits and withdrawals this morning. Binance has also just suspended the listing of pairs pairing TerraUSD (Luna) and the stablecoin UST with its own stablecoin Binance USD (BUSD).
UST completely adrift
The quotations still available on CoinMarketCap indicated in the morning that UST is only worth $0.15 after a low of $0.05, i.e. levels totally disconnected from the parity with the dollar that is supposed to ensure a stablecoin. The UST had yesterday lost its peg with the dollar knowing that maintaining its parity with the greenback is based on computer processes (algorithmic stablecoin) using the Luna token, unlike the benchmark stablecoin Tether or USDCoin, whose value is assumed be guaranteed by reserves (partly associated with US dollars).