YIKES
Terraโs #UST stablecoin has rapidly fallen to $0.98.
Further decline would lead to partial/full liquidation of LFGโs 40k BTC to support the peg.
Terraโs #UST stablecoin has rapidly fallen to $0.98.
Further decline would lead to partial/full liquidation of LFGโs 40k BTC to support the peg.
Now at $0.985
Wonโt break without a fight, and likely Jump and others (3AC?) are helping to maintain the peg.
Wonโt break without a fight, and likely Jump and others (3AC?) are helping to maintain the peg.
LUNA might implode this market
LUNA -17%
LUNA/BTC -11%
UST: $0.9812
Oh boy
LUNA/BTC -11%
UST: $0.9812
Oh boy
Below $0.98 is when BTC starts getting liquidated, as per: agora.terra.money
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๐จ๐จ #UST Market Cap is larger than that of LUNA (the asset that is burned to synthetically create the pegged stablecoin) ๐จ๐จ
Not trying to spark any fear here, but if you have a large amount of UST, you might want to get out... A digital bankrun could be in the works.
Not trying to spark any fear here, but if you have a large amount of UST, you might want to get out... A digital bankrun could be in the works.
Big boys defending 0.9800 with size (possibly using LFGs Reserves).
Pretty disastrous unwind in the making.
Pretty disastrous unwind in the making.
๐จ๐จ
Holy **** LUNA -26%
This is unwinding fast - money is running for the exits
This is unwinding fast - money is running for the exits
It's. Over.
The good news is they have 40k BTC they can dump to defend the peg
In hindsight my short position is far too small...
sigh
sigh
utter collapse
๐จ๐จ LFG reserves wallet containing 42.5k BTC has just been emptied ๐จ๐จ blockchain.com
Great time to start a 3 hour flight with no Wi-Fi ๐๐
BTC limit orders set and ready to go.
@LFG_org is gonna have to nuke this market to try and reestablish the UST peg. Stay safe out there.
BTC limit orders set and ready to go.
@LFG_org is gonna have to nuke this market to try and reestablish the UST peg. Stay safe out there.
For anyone interested, @samjrule will be providing a full breakdown later here. BitcoinMagazinePro.com
Landed in Madrid!
Quick update: LUNA is cooked
Quick update: LUNA is cooked
Memorable day.
Most this entire thread and some risk management with personal capital (doubled down on LUNA shorts mostly) was conducted on my phone with terrible international data and airport Wi-Fi.
Up in BTC terms! ๐๐ ๐
Most this entire thread and some risk management with personal capital (doubled down on LUNA shorts mostly) was conducted on my phone with terrible international data and airport Wi-Fi.
Up in BTC terms! ๐๐ ๐
Strong support at $0
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