{"id":29678,"date":"2022-07-06T07:16:43","date_gmt":"2022-07-06T07:16:43","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=29678"},"modified":"2022-07-06T07:23:24","modified_gmt":"2022-07-06T07:23:24","slug":"news-commentary-1707-roboticsonline-terra-was-not-the-reason-of-bitcoin-crash","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=29678","title":{"rendered":"News Commentary #1,707 \u2013 RoboticsOnline |  Terra Was Not the Reason of Bitcoin Crash          ..?"},"content":{"rendered":"<p>Another news topic from crypto sector by <a href=\"https:\/\/emilynews.com\/link.php?id=1444\" target=\"_blank\" rel=\"noreferrer noopener\">RoboticsOnline<\/a>&nbsp;(reviewed&nbsp;<a href=\"https:\/\/emilynews.com\/blog\/?p=15960\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>) platform was published recently. Since the crypto industry affects the hyip industry, it is useful sometime to mention such an information, thus making different kind of investors understand better, what steps could be made now.<\/p>\n<p>Here\u2019s it:<\/p>\n<blockquote>\n<section class=\"mt-0 first-faq first-news\">\n<div class=\"container\">\n<div class=\"row\">\n<div class=\"col text-center\">\n<h1>&nbsp;<\/h1>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"info pt-0\">\n<div class=\"container\">\n<div class=\"row\">\n<div class=\"col-lg-8 left-column pt-2\"><a href=\"https:\/\/emilynews.com\/link.php?id=1444\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"img-fluid mb-5 d-block mx-auto\" src=\"https:\/\/imgur.com\/r8oiPjk.jpg\" alt=\"\"><\/a><\/p>\n<h2>Chainalysis report shows Terra collapse did not cause Bitcoin crash<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<div class=\"col-md-9\">\n<ul>\n<li>Chainalysis has said that the collapse of UST was not the main factor that triggered Bitcoin\u2019s crash<\/li>\n<li>The report noted that Bitcoin\u2019s crash is correlated to the dip in tech stocks<\/li>\n<li>UST crashed in early May after a liquidity crisis on the Curve pool<\/li>\n<\/ul>\n<p>The first week of May was rough for the cryptocurrency community because it saw the collapse of a cryptocurrency that ranked as a top-ten coin. The Terra crash was triggered by the depegging of the UST algorithmic stablecoin.<\/p>\n<p>Before the collapse, the Luna Foundation Guard (LFG) announced it was buying Bitcoin to back the stablecoin\u2019s value. However, after the crash, the LFG sold the Bitcoin to maintain the peg, and the community attributed this occurrence to the Bitcoin crash below $28K.<\/p>\n<h2>UST depeg did not cause the BTC crash<\/h2>\n<p>Chainalysis, a blockchain analytics firm, published a report on the crash of the UST. The report noted that while the collapse caused a dent in the cryptocurrency market, it was not the main factor behind the recession.<\/p>\n<p><i>\u201cThe crypto market\u2019s recent downturn appears more closely linked to the tech market decline than to UST\u2019s collapse,\u201d<\/i> the report read. Over the past year, analysts have spoken of the increased correlation between Bitcoin\u2019s price and the stock market because of institutional adoption.<\/p>\n<p>The Chainalysis report noted that the correlation between Bitcoin and tech stocks was a <i>\u201crelatively new development.\u201d<\/i> Bitcoin has maintained a significant correlation with stock indices like the NASDAQ-100 Technology Sector Index and the S&amp;P 500 Index.<\/p>\n<p>The collapse of UST caused a dip in Bitcoin\u2019s prices, but the effects did not last long. The end of Bitcoin\u2019s sharp decline at the time ended coincidentally with the end of UST\u2019s collapse. After Bitcoin overcame the effects of the crash, the price resumed its tandem with tech stocks.<\/p>\n<p>The other effect of the crash is that it increased stablecoin redemptions. Exchange data showed a significant increase in the stablecoin trading volumes between May 9 and May 12. This was caused by investors losing faith in stablecoins because an asset deemed safe and non-volatile had witnessed double-digit losses in hours.<\/p>\n<p><i>\u201cAll kinds of investors should have their stablecoins during the crash, from big, institutional players to retail investors,\u201d<\/i> Chainalysis said.<\/p>\n<h2>The collapse of UST &amp; LUNA<\/h2>\n<p>The UST depeg started on May 7 as Terraform Labs withdrew $150M from 3pool, a liquidity pool on the Curve protocol. Shortly after the withdrawal, two individuals exchanged $185M worth of UST into USDC within two hours, affecting the liquidity on Curve. Terraform Labs attempted to rebalance the liquidity by withdrawing an additional $100M UST from the pool.<\/p>\n<p>These massive trades made USTV deviate from its peg, and spooked investors started selling the stablecoin on exchanges, making the peg slide further below. On May 9, the LFG sold billions worth of Bitcoin from its reserves to save the peg, to no avail.<\/p>\n<p>UST was an algorithmic stablecoin, and the algorithm that maintained the peg was a mint-and-burn mechanism between UST and LUNA. If UST dropped below $1, new LUNA was minted to burn UST, and if UST went above $1, investors could burn LUNA.<\/p>\n<p>With the recent UST collapse, users rushed to buy UST and burned it for $1 worth of LUNA. More LUNA was minted, causing hyperinflation, and the total LUNA supply soared to past 6 trillion. This triggered LUNA\u2019s collapse to $0.<\/p>\n<\/div>\n<\/blockquote>\n<p>Check <a href=\"http:\/\/emilynews.com\/blog\/\"><span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span><\/a> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>\nSimply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>\nor Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" sizes=\"auto, (max-width: 544px) 100vw, 544px\" srcset=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg 544w, https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1-272x300.jpg 272w\" alt=\"\" width=\"544\" height=\"600\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another news topic from crypto sector by RoboticsOnline&nbsp;(reviewed&nbsp;here) platform was published recently. Since the crypto industry affects the hyip industry, it is useful sometime to mention such an information, thus making different kind of investors &hellip; <a title=\"News Commentary #1,707 \u2013 RoboticsOnline |  Terra Was Not the Reason of Bitcoin Crash          ..?\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=29678\"><span class=\"screen-reader-text\">News Commentary #1,707 \u2013 RoboticsOnline |  Terra Was Not the Reason of Bitcoin Crash          ..?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":24181,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[5464,5476,5503,5502,5479,5907,5465,5470,5468,5469,5471,5478,5467,5906,5477,5466,5759],"class_list":["post-29678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-https-www-robotics-online-r-emilynews","tag-roboticsonline","tag-roboticsonline-btc","tag-roboticsonline-crypto-invest","tag-roboticsonline-crypto-money","tag-roboticsonline-crypto-news","tag-roboticsonline-hyip","tag-roboticsonline-hyip-information","tag-roboticsonline-hyip-news","tag-roboticsonline-hyip-updates","tag-roboticsonline-hyips","tag-roboticsonline-interview","tag-roboticsonline-investment-program","tag-roboticsonline-opera","tag-roboticsonline-review","tag-roboticsonline-scam-or-paying","tag-roboticsonlineroboticsonline","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>News Commentary #1,707 \u2013 RoboticsOnline | Terra Was Not the Reason of Bitcoin Crash     ..? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=29678\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,707 \u2013 RoboticsOnline | Terra Was Not the Reason of Bitcoin Crash     ..? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Another news topic from crypto sector by RoboticsOnline&nbsp;(reviewed&nbsp;here) platform was published recently. 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