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<blockquote data-quote="Weather Man" data-source="post: 16771288" data-attributes="member: 137766"><p><h3>Terra's nearly 100% drop has rest of crypto market on edge, with Bitcoin under $30K</h3><p>May 11, 2022 8:57 AM ET<a href="https://seekingalpha.com/symbol/LUNA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ALUNA-USD" target="_blank">Terra (LUNA-USD)</a>, <a href="https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AUST-USD" target="_blank">UST-USD</a>, <a href="https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ABTC-USD" target="_blank">BTC-USD</a><a href="https://seekingalpha.com/symbol/SOL-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ASOL-USD" target="_blank">SOL-USD</a>, <a href="https://seekingalpha.com/symbol/ADA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AADA-USD" target="_blank">ADA-USD</a>, <a href="https://seekingalpha.com/symbol/DOGE-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ADOGE-USD" target="_blank">DOGE-USD</a>, <a href="https://seekingalpha.com/symbol/DOT-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ADOT-USD" target="_blank">DOT-USD</a>, <a href="https://seekingalpha.com/symbol/AVAX-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AAVAX-USD" target="_blank">AVAX-USD</a>, <a href="https://seekingalpha.com/symbol/NEAR-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ANEAR-USD" target="_blank">NEAR-USD</a>, <a href="https://seekingalpha.com/symbol/ALGO-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AALGO-USD" target="_blank">ALGO-USD</a>, <a href="https://seekingalpha.com/symbol/ICP-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AICP-USD" target="_blank">ICP-USD</a>By: <a href="https://seekingalpha.com/user/54370868/profile?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews" target="_blank">Max Gottlich</a>, SA News Editor<a href="https://seekingalpha.com/news/3836788-terras-nearly-100-drop-has-rest-of-crypto-market-on-edge-bitcoin-under-30k#comments" target="_blank">21 Comments</a></p><p></p><p><img src="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1325759693/image_1325759693.jpg?io=getty-c-w750" alt="Gold Bitcoin trading crash red chart" class="fr-fic fr-dii fr-draggable " style="" /></p><p>ArtistWright/iStock Editorial via Getty Images</p><p></p><p>Terra (<a href="https://seekingalpha.com/symbol/LUNA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">LUNA-USD</a>) coins are dropping almost 100% in Wednesday morning trading as its sister token TerraUSD (<a href="https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">UST-USD</a>), an algorithmic stablecoin, falls substantially further <a href="https://seekingalpha.com/news/3836659-as-terra-ust-stablecoin-continues-to-plunge-backer-says-rescue-plan-in-the-works?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">from its $1 peg</a> in the midst of a broad selloff in cryptocurrencies.</p><p>Moreover, LUNA tokens, which are governance tokens designed to stabilize the price of TerraUSD (<a href="https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">UST-USD</a>), are collapsing 97% to $1.04 as of shortly before 9:00 a.m. ET, as coin supply surged in recent days. Specifically, ~46.24M LUNAs were issued on May 10 and more than 80M additional LUNAs have been issued in the past four days," according to a Twitter <a href="https://twitter.com/WuBlockchain/status/1524259863475281920" target="_blank">post</a> by Wu Blockchain. As for TerraUSD (<a href="https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">UST-USD</a>), "supply burned more than 1.89 billion for 4d, and on May 10, 1.2 billion UST was burned, setting a new record for single-day destruction," Wu Blockchain added.</p><p>“The market is displaying a clear lack of confidence in this ship’s ability to right itself,” said Quantum Economics Chief Executive Mati Greenspan, as quoted by <a href="https://www.bloomberg.com/news/articles/2022-05-11/terrausd-stablecoin-plunges-as-crypto-market-awaits-rescue?srnd=premium" target="_blank">Bloomberg</a>.</p><p>Selling pressure comes as bitcoin (<a href="https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">BTC-USD</a> -8.3%) remains around 50% below its all-time high in Nov. 2021. At the time of writing, bitcoin (<a href="https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">BTC-USD</a> -8.3%) is sliding below its key psychological level of $30K to $29.2K, testing levels not seen since July 2021. Note that the Luna Foundation Guard has reserves of 80K bitcoins, though the "LFG have been selling their Bitcoin in order to raise funds to push the price of UST back up," GlobalBlock wrote in a note.</p><p>Also, cardano (<a href="https://seekingalpha.com/symbol/ADA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">ADA-USD</a> -21.5%), solana (<a href="https://seekingalpha.com/symbol/SOL-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">SOL-USD</a> -32.8%), dogecoin (<a href="https://seekingalpha.com/symbol/DOGE-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">DOGE-USD</a> -26.7%), polkadot (<a href="https://seekingalpha.com/symbol/DOT-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">DOT-USD</a> -30.2%), avalanche (<a href="https://seekingalpha.com/symbol/AVAX-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">AVAX-USD</a> -44.6%), shiba inu (<a href="https://seekingalpha.com/symbol/SHIB-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">SHIB-USD</a> -29.2%), polygon (<a href="https://seekingalpha.com/symbol/MATIC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">MATIC-USD</a> -30.3%), NEAR protocol (<a href="https://seekingalpha.com/symbol/NEAR-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">NEAR-USD</a> -46.3%), algorand (<a href="https://seekingalpha.com/symbol/ALGO-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">ALGO-USD</a> -34.8%) and internet computer (<a href="https://seekingalpha.com/symbol/ICP-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">ICP-USD</a> -29.7%) are making pronounced moves to the downside.</p><p><a href="https://seekingalpha.com/news/3836758-consumer-inflation-accelerates-more-than-expected-in-april?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">April's inflation report</a> released earlier is perhaps impacting crypto prices more broadly, with the consumer price index jumping more than expected both M/M and Y/Y.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16771288, member: 137766"] [HEADING=2]Terra's nearly 100% drop has rest of crypto market on edge, with Bitcoin under $30K[/HEADING] May 11, 2022 8:57 AM ET[URL='https://seekingalpha.com/symbol/LUNA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ALUNA-USD']Terra (LUNA-USD)[/URL], [URL='https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AUST-USD']UST-USD[/URL], [URL='https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ABTC-USD']BTC-USD[/URL][URL='https://seekingalpha.com/symbol/SOL-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ASOL-USD']SOL-USD[/URL], [URL='https://seekingalpha.com/symbol/ADA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AADA-USD']ADA-USD[/URL], [URL='https://seekingalpha.com/symbol/DOGE-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ADOGE-USD']DOGE-USD[/URL], [URL='https://seekingalpha.com/symbol/DOT-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ADOT-USD']DOT-USD[/URL], [URL='https://seekingalpha.com/symbol/AVAX-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AAVAX-USD']AVAX-USD[/URL], [URL='https://seekingalpha.com/symbol/NEAR-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3ANEAR-USD']NEAR-USD[/URL], [URL='https://seekingalpha.com/symbol/ALGO-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AALGO-USD']ALGO-USD[/URL], [URL='https://seekingalpha.com/symbol/ICP-USD?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AICP-USD']ICP-USD[/URL]By: [URL='https://seekingalpha.com/user/54370868/profile?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews']Max Gottlich[/URL], SA News Editor[URL='https://seekingalpha.com/news/3836788-terras-nearly-100-drop-has-rest-of-crypto-market-on-edge-bitcoin-under-30k#comments']21 Comments[/URL] [IMG alt="Gold Bitcoin trading crash red chart"]https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1325759693/image_1325759693.jpg?io=getty-c-w750[/IMG] ArtistWright/iStock Editorial via Getty Images Terra ([URL='https://seekingalpha.com/symbol/LUNA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']LUNA-USD[/URL]) coins are dropping almost 100% in Wednesday morning trading as its sister token TerraUSD ([URL='https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']UST-USD[/URL]), an algorithmic stablecoin, falls substantially further [URL='https://seekingalpha.com/news/3836659-as-terra-ust-stablecoin-continues-to-plunge-backer-says-rescue-plan-in-the-works?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']from its $1 peg[/URL] in the midst of a broad selloff in cryptocurrencies. Moreover, LUNA tokens, which are governance tokens designed to stabilize the price of TerraUSD ([URL='https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']UST-USD[/URL]), are collapsing 97% to $1.04 as of shortly before 9:00 a.m. ET, as coin supply surged in recent days. Specifically, ~46.24M LUNAs were issued on May 10 and more than 80M additional LUNAs have been issued in the past four days," according to a Twitter [URL='https://twitter.com/WuBlockchain/status/1524259863475281920']post[/URL] by Wu Blockchain. As for TerraUSD ([URL='https://seekingalpha.com/symbol/UST-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']UST-USD[/URL]), "supply burned more than 1.89 billion for 4d, and on May 10, 1.2 billion UST was burned, setting a new record for single-day destruction," Wu Blockchain added. “The market is displaying a clear lack of confidence in this ship’s ability to right itself,” said Quantum Economics Chief Executive Mati Greenspan, as quoted by [URL='https://www.bloomberg.com/news/articles/2022-05-11/terrausd-stablecoin-plunges-as-crypto-market-awaits-rescue?srnd=premium']Bloomberg[/URL]. Selling pressure comes as bitcoin ([URL='https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']BTC-USD[/URL] -8.3%) remains around 50% below its all-time high in Nov. 2021. At the time of writing, bitcoin ([URL='https://seekingalpha.com/symbol/BTC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']BTC-USD[/URL] -8.3%) is sliding below its key psychological level of $30K to $29.2K, testing levels not seen since July 2021. Note that the Luna Foundation Guard has reserves of 80K bitcoins, though the "LFG have been selling their Bitcoin in order to raise funds to push the price of UST back up," GlobalBlock wrote in a note. Also, cardano ([URL='https://seekingalpha.com/symbol/ADA-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']ADA-USD[/URL] -21.5%), solana ([URL='https://seekingalpha.com/symbol/SOL-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']SOL-USD[/URL] -32.8%), dogecoin ([URL='https://seekingalpha.com/symbol/DOGE-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']DOGE-USD[/URL] -26.7%), polkadot ([URL='https://seekingalpha.com/symbol/DOT-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']DOT-USD[/URL] -30.2%), avalanche ([URL='https://seekingalpha.com/symbol/AVAX-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']AVAX-USD[/URL] -44.6%), shiba inu ([URL='https://seekingalpha.com/symbol/SHIB-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']SHIB-USD[/URL] -29.2%), polygon ([URL='https://seekingalpha.com/symbol/MATIC-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']MATIC-USD[/URL] -30.3%), NEAR protocol ([URL='https://seekingalpha.com/symbol/NEAR-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']NEAR-USD[/URL] -46.3%), algorand ([URL='https://seekingalpha.com/symbol/ALGO-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']ALGO-USD[/URL] -34.8%) and internet computer ([URL='https://seekingalpha.com/symbol/ICP-USD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']ICP-USD[/URL] -29.7%) are making pronounced moves to the downside. [URL='https://seekingalpha.com/news/3836758-consumer-inflation-accelerates-more-than-expected-in-april?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']April's inflation report[/URL] released earlier is perhaps impacting crypto prices more broadly, with the consumer price index jumping more than expected both M/M and Y/Y. [/QUOTE]
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