@BOMBERuss 11 June 2022 more from that month

The collapse of the algorithmic #terraUSD stablecoin could not provoke a collapse in #bitcoin market quotations, according to Chainalysis The fall in the price of bitcoin (#BTC) is caused not only by the collapse of the algorithmic stablecoin terraUSD (UST). This opinion was expressed by Chainalysis analysts in their blog. Chainalysis believes that the collapse of #UST has increased pressure on bitcoin, but the main catalyst for the sale of the largest cryptocurrency by market capitalization was the fall of traditional financial markets. According to analysts, bitcoin has maintained a close correlation with the #NASDAQ-100 and S&P 500 indices until recently and followed them down, Chainalysis notes. Nevertheless, experts admit that the collapse of the Terra ecosystem could accelerate the fall of bitcoin, because the ecosystem fund called Luna Foundation Guard urgently sold billions of dollars worth of BTC to save the stablecoin from rapid depreciation, which, however, still did not help. #Chainalysis emphasizes that the bitcoin exchange rate slowed down on the way down around May 13, at the same time the UST collapse ended.