The bitcoin price has this morning dropped to under $33,000, down more than 20% over the last 30 days.
On guard: After Terra’s algorithmic stablecoin TerraUSD has announced this morning it will lend out hundreds of millions of dollars worth of bitcoin and the stablecoin UST in order to maintain it.
What happened: It’s thought UST struggled to maintain its dollar peg due to large quantities of UST being withdrawn from liquidity pools on decentralized exchange Curve, while $192 million of UST was dumped.
Background: LFG is non-profit group that was formed in January to support the Terra ecosystem as well as “the sustainability and stability of Terra’s algorithmic stablecoins” and plans to accumulate a $10 billion bitcoin-based reserve intended to serve as a support mechanism for UST’s peg.
📑 Coinbase, arguably the most important crypto exchange and platform, will report its first-quarter earnings tomorrow and expectations are low .
📉 Desktop and mobile-web traffic has plunged 26% in the first quarter from a year earlier, according to data collected by analytics company Similarweb.
🤳 Today, Facebook parent company Meta will open its first Meta Store, a “physical retail space” on its campus in Burlingame, California.