LUNA and UST’s collapse is still reverberating through the broader crypto market; The biggest impact on the market, though, hasn't been an evisceration in prices, but loss of confidence in the stablecoin sector. TheSamReynolds and JPRubin23 report
Bitcoin and other major cryptos were largely in the green late Tuesday as the market continued to solidify, but the small surge seemed more a temporary reprieve than sea change in bearish sentiment that intensified last week during terraUSD stablecoin implosion.
"The crash of [Terra’s] UST stablecoin has heralded the end of a momentous bull run," Yield App CEO and founder Tim Frost wrote in an email."The market is 54% below" its"all-time high and won’t be climbing far any time soon as we face what looks set to be a painfully prolonged bear market."
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