current position:Home>"Cryptocurrency winter down"! A "Bloody Case" caused by the sharp fall of the third largest stable currency UST

"Cryptocurrency winter down"! A "Bloody Case" caused by the sharp fall of the third largest stable currency UST

2022-05-15 00:27:39Sina Finance blockchain

   Wall street news

  “ Cryptocurrency fell to... In winter ”! A game by the third largest stable currency UST Caused by the crash “ Murder case ”

   Bitcoin fell twice a week 3 Million dollar psychological gateway , Wednesday refresh 2020 year 12 Lowest in the month , Compared with last year 11 This month's record high waist cut plummeted by more than 55%. Accompanying should have been anchored 1 The dollar algorithm stabilizes the currency UST The price is low to 26 cents , The market is worried that it has 35 Billion bitcoin to “ Support the market ” Behind the organization , Maybe from “ The biggest buyer ” Become the largest seller of bitcoin .

   As with the 1 The third largest stable currency in the market value linked to the US dollar UST And its sister tokens Luna Is experiencing a slump , Even bitcoin, the leading cryptocurrency, fell twice this week 3 Million dollar key integer psychological gateway .

   Many analysts unanimously pointed out that , In the high inflation fever and the Fed's radicalization “ Collect water ” Or under multiple pressures that stall the economy , Investors flocked out of risky assets , a “ Cryptocurrency winter ”(crypto winter) Coming soon .

  5 month 11 Wednesday, Sunday , According to the mainstream cryptocurrency trading platform CoinDesk Statistics , Bitcoin's deepest fall to 29100 dollar , It's the second time in a week since Monday 3 Thousands of dollars , Refresh 2020 year 12 Lowest in the month , Monday was last year 7 Lowest in the month .

   Ethereum, the second largest in market value, once fell deeply 8% And force 2100 The whole dollar . In midday trading of US stocks , Maintain bitcoin 24 More than... Within hours 1% The decline of , wandering 3.1 Ten thousand dollars , Ethereum fell more than 4% And reluctantly return to 2200 Above the dollar .

   In addition to the US 4 month CPI Consumer inflation is growing faster than expected , It accelerates investors to escape from cryptocurrency risky assets with increasing positive correlation with US stocks , Mainstream digital currency 、 In particular, bitcoin diving is also related to stable currency UST Loss and 1 The dollar peg is related to .

  UST also called TerraUSD, By Singapore based Terraform Labs On 2018 , launched in “ The algorithm stabilizes the currency ”, Its market value then surged and became the third largest stable currency in the market , The circulation supply is 160 100 million tokens .

   Algorithmic stable currency is one of the three modes of stable currency , But not like Bifinex Companies under the exchange Tether Issued USDT( TEDA money ) as well as Coinbase Jointly developed with Goldman Sachs USDC like that , Use dollars or asset collateral as reserves to support prices , Instead, the algorithm is used to maintain the balance between the number of stable coins and sister tokens , In order to maintain the stability of the currency and anchor the value of the dollar .

  UST It should have been with 1 dollar “ Stable hook ”, Through sister tokens with floating prices Luna Cooperate with each other to maintain a balance between supply and demand , So as to keep the price anchored at 1 dollar . Each casting UST when , amount to 1 The dollar Luna Will be destroyed or removed from circulation , vice versa .

   but UST and Luna Since last weekend, suddenly “ Free fall ”, Due to the large number of sellers, it is compared to “ Bank run ”. Some analysts are worried ,UST The potential demise of may change the future of stable currency regulation , Even the process of decentralizing finance itself .

  UST On Wednesday, it once fell to every 26 The record low of cents , Then it bounced back to 49 cents ,24 Plummeted within hours 44%.Luna In the past 7 Lost about... In one day 99% The value of , At one point it fell to 81 cents , Then back to 3.67 dollar , but 24 Still fell deeply within hours 87%, Fell in the past week 95%. meanwhile , Bitcoin has also changed since last year 11 month 6.9 A new high waist cut of $10000 .

   Many people pointed out that ,UST Prices collapsed under the pressure of the recent sell-off of cryptocurrencies , Will cause further panic in the market , There may be a potential chain reaction of accelerated collapse of mainstream cryptocurrencies . In addition to the loss of market confidence , Also with the UST The institutions behind it have hoarded a lot of bitcoin before , Concerns that the future is likely to change from the largest buyer of bitcoin to the largest seller in recent months .

   Created UST Of Terraform Labs There is another one under the banner named Luna Foundation Guard A non-profit organization , The organization has promised to buy up to 100 Billion dollars of bitcoin , So that in times of crisis UST Anchoring 1 The ability of US dollars to support . Latest message display , The organization already holds 35 Billion dollars of bitcoin , At that time, the purchase price was higher than that of each 3 Thousands of dollars .

   Early this week ,Luna Foundation Guard Commitment to provide more than 10 Billion dollars of bitcoin and UST To a third-party trading platform , Hope to pass UST And bitcoin ( instead of UST And plummeting Luna Mutual exchange ) To support UST Price . But the plan didn't work ,UST Wednesday hit a new low and farther away 1 The anchored value of the dollar .

   On Wednesday ,UST The biggest behind “boss”、 Korean cryptocurrency entrepreneur Do Kwon Tweeted the latest “ Support the market ” programme , Namely the Luna The casting ability ranges from 2.93 US $billion has increased significantly to more than 12 Billion dollars . This will put more... On the market Luna To exchange for an already oversupply ( Investors fled for sale ) Of UST, I hope to make UST The price rose again to 1 dollar .

   However, many people in the industry do not have strong confidence in this , People are more worried about UST The organization behind it may have 、 Or is about to sell most of its bitcoin positions to support UST Price , This will accelerate the decline of bitcoin . Some analysts have pointed out that ,Luna Foundation Guard My bitcoin wallet is now completely empty . However, the organization denied this , Said it had not tried to exit its bitcoin position .

  Bitwise Asset Management Chief investment officer Matt Hougan To the financial media :“ Now , Every professional investor in the cryptocurrency field has set their sights on UST, See if it can sustain 1 The dollar peg . There are clearly significant risks in the market .”

   A quantitative trading company focused on cryptocurrencies Dexterity Capital Managing partner Michael Safai Also known as :“ The longer this continues , The greater the pressure on bitcoin , And exacerbate investor anxiety .”

  Faculty Group Head of quantitative trading business Hendo Verbeek Think , The biggest risk in the future will be UST Again with 1 Dollar decoupling , This will eventually force Luna Foundation Guard Clearing bitcoin , This in turn may lead to attempts to take advantage of UST And Luna Spread arbitrage “ Over leveraged players ” Further liquidated ,“ This nightmare scenario seems to be the most likely outcome .”

   The Federal Reserve released its semi annual report on Monday 《 Financial stability report 》, The warning is aimed at stabilizing currencies linked to hard currencies such as the US dollar , Asset support that may depreciate or lose liquidity under pressure . These tokens are therefore “ Vulnerable to runs ”, And the lack of transparency of these assets may exacerbate these vulnerabilities :

“ More and more stable currencies are used to meet the margin requirements of leveraged transactions of other cryptocurrencies , It may amplify the volatility of stable currency demand and increase the redemption risk .” 

   The US Treasury Department also announced this week , US Treasury Secretary Yellen will say at a Senate hearing , Financial stability Regulatory Commission (FSOC) Trying to identify the risks that those digital assets will pose . 

   Risk tips and disclaimers

   Market risk , Invest carefully . This article does not constitute personal investment advice , Nor does it take into account the special investment objectives of individual users 、 Financial condition or need . Users should consider any comments in this article 、 Is the opinion or conclusion consistent with its specific situation . Invest accordingly , Take responsibility .

editor : Guo Jian

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