Bitcoin soars on Binance on the UST pair and exceeds $137,000

The collapse of the TerraUSD (UST) cryptocurrency created an anomaly in a pair of Bitcoin trading, which “fired” on Binance. That’s because, with investors fearing for the future of the stable currency project, they are pulling out of their positions as best they can.

And the most curious thing about this whole story is that the UST has been pointed out as one of the causes of the new fall of bitcoin in global markets.

It is worth remembering that this coin, supposedly a stablecoin, was once the third largest in market cap of Dollar-backed currencies. With its imminent, seemingly unstoppable fall, even its sister currency and associates have struggled.

Bitcoin Soars On Binance On Pair With UST, What Happened?

Cryptocurrencies are going through a turbulent time and several uncertainties this week, the main cause being the collapse of a stablecoin cryptocurrency.

Going through an unusual situation, the stablecoin has already dropped 70% of its parity with the Dollar, not showing anything stable with its market price. This certainly affected the price of bitcoin, which had been bought by the company in recent days and is now being sold.

However, even with the selling pressure on the biggest cryptocurrency, in the BTC/UST pair the climate is totally different. That’s because Bitcoin recorded a 24-hour high of more than 100% against TerraUSD, reaching a price of $137,999.00 in minutes.

At the time of writing this article, the price of bitcoin still exceeds 60 thousand dollars against the UST, showing that an anomaly has occurred with prices, mainly on Binance.

Bitcoin soared on the UST pair and passed a curious mark
Bitcoin soared on the UST pair and passed the curious mark. Binance.

Please note that, In fact, the price of bitcoin is $31,000, which has reached $29,000 in the last few hours.. That is, far from what is happening in the UST pair, a currency that has plummeted and caused problems for its entire ecosystem.

EarthUSD’s Sister Cryptocurrencies Dying Fast

With the meltdown of TerraUSD on the market, several other cryptocurrencies are also going through a hard time, some with direct links to this case.

One of them is Earth itself (LUNA), which has plummeted 96% and is already worth US$1.27 in just 24 hours. This could lead to more difficulties for the project to emerge again or even recover without major changes to the protocol.

The DeFi Anchor Protocol follows the decline of associated coins, losing 65% in value in the last day and quoted at US$ 0.3 this Wednesday (11).

With the entire LUNA ecosystem dying, Cardano co-founder Charles Hoskinson suggested that this was an operation by the giants BlackRock and Citadel, who sold their holdings, bringing down the entire market. This rumor has not yet been confirmed by those responsible for Luna, and the market is still investigating the case.

Cardano co-founder says LUNA crash was caused by a BlackRock and Citadel trade
Cardano co-founder says LUNA’s fall was caused by a BlackRock and Citadel trade. Twitter.

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