This Altcoin Crashed After Terra: Those Hands Are Behind the Crash!

When Bitcoin fell below the $32,000 support level, panic gripped the market and altcoin projects began to fall violently. This time, the fall of stablecoins has swept the market, causing fear, uncertainty and doubt in the market. Because the major stablecoins started to lose their value of 1 dollar, respectively, as it is known, Terra’s UST experienced the biggest loss in value. The last of these is USDN, the algorithmic stablecoin of the Waves ecosystem. Meanwhile, there were new developments regarding the decline in the UST.

Another stablecoin disaster?

Neutrino USD (USDN) was also lower after the latest market crash. According to the data, USDN, which should be equivalent to the US dollar at a ratio of 1:1, fell as low as $ 0.75. This may have also caused the decline of Waves (WAVES) behind USDN: Waves, the 74th largest cryptocurrency by market capitalization, has fallen by 30 percent in the last 24 hours.

Neutrino USD (USDN) is an algorithmic crypto-collateralized stablecoin pegged to the US dollar, according to Neutrino’s statement. All transactions involving USDN such as issuance, collateral, staking and reward payments are transparent and managed by a smart contract. You can see the 24-hour charts of USDN and WAVES as follows:

WAVES chart

USDN chart

BlackRock and Citadel behind altcoin crash?

USDN may be fluctuating, but most investors are keeping their eyes on another stablecoin, Terra USD (UST) as the market crashes hard. Terra USD left the dollar stable, causing a shock in the market. There has been a development on this issue as well. Through its official Twitter account, Gemini denied earlier rumors that LUNA contributed to the price drop after the company lent 100,000 Bitcoin (worth $2.8 billion at the time of writing) to investment firm giants BlackRock and Citadel.

As we reported as Kriptokoin.com, allegations were made that BlackRock and Citadel Securities were behind the decline in UST. However, both companies denied these claims. Citadel said they did not buy any stablecoins, while BlackRock stated that they did not trade UST.