More than $2 billion made bitcoin Talking a lot since March with his investment terra His foundation may be the name behind the drop in the last 24 hours that caused BTC to drop below $ 34,000.
Did Terra Foundation Sell Bitcoin?
As it is known, a large amount of Anchor protocol is used today. TOP The price of the stablecoin had to fall below the 1 dollar level, where it was fixed, albeit for a short time.
In order to stabilize the UST price, the Terra Foundation had to sell some of its BTC holdings and the already declining world’s largest cryptocurrency pressure increased.
It is not clear exactly how much the Terra Foundation has sold from its Bitcoin assets, but considering that the Anchor platform has lost approximately 2.3 billion dollars, it will be understood that the amount of BTC sold should be at levels that cannot be ignored.
Why Are People Moving Away From UST Stablecoin?
Although there are many reasons for the exits from the Anchor platform, the biggest factor was the high volatility in the crypto money market in the current situation. With the volatility, the demand for exit liquidity increased.
With Bitcoin and other cryptocurrencies continuing to decline, there was an atmosphere of panic in the market, with large outflows from both stablecoins and regular crypto assets.
According to Coin Market Cap data, the cryptocurrency market has lost at least $200 billion.
Another reason for the exits from UST may be the USDD stablecoin to be offered by Tron. As is known, USDD will initially offer a higher rate of return than UST.
*Not investment advice.