The world's biggest cryptocurrency is down over 50% since its November all-time high, as investors flee risky assets amid fears over rising inflation and slowing economic growth.Īlgorithmic stablecoins are still a relatively new phenomenon. The fear now is that Luna Foundation Guard dumps those bitcoins onto the market, resulting in an even bigger sell-off.īitcoin briefly slumped below $30,000 Wednesday, the second time in a week it has fallen beneath that level. Kwon has amassed billions of dollars' worth of bitcoin through his Luna Foundation Guard fund to support UST in times of crisis. "They're letting the system bleed out in the hope that it will start re-pegging back when the 'excess' UST supply has been worn out," Ayyar said. Vijay Ayyar, head of international at crypto exchange Luno, said Kwon's announcement did not inspire confidence. Backers of UST are reportedly seeking to raise more than $1 billion in funding to prop up the stablecoin. Investors had hoped for a fresh capital injection to boost the project.
"I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this," Kwon tweeted Wednesday. UST's price has crumbled under the pressure of a sell-off in cryptocurrencies recently, resulting in further panic in the market. It uses a complex system of minting and burning tokens to adjust supply and stabilize prices. UST is what's known as an "algorithmic" stablecoin. Stablecoins are akin to bank accounts for the crypto economy, offering a sound store of value to avoid the kind of volatility cryptocurrencies like bitcoin have become notorious for - in theory, at least. Bitcoin was last up 1% at $31,377, having previously slumped below $30,000. The coin has lost roughly 96% of its value in the past seven days, and now has a smaller market value than its stablecoin counterpart.īlue-chip tokens bitcoin and ether saw wild swings throughout the day as traders monitored UST's descent as well as hotter-than-expected April inflation data. Since some users own several versions, the sum may be greater than 100%.Sister token luna, which has a floating price and is meant to serve as a kind of shock absorber for UST, at one point dived to less than 90 cents before recovering slightly to $1.18. Dateįrequencies show the percentage of Numista users who own each year or variety among all the users who own this item. Please sign in or create an account to manage your collection.
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