The global cryptocurrency market saw its value plummet amid heavy sell-offs, with the collapse of TerraUSD (UST), one of the biggest stablecoins, sending shockwaves throughout the digital asset market.
The stablecoin UST slipped past its intended US$1 peg to near $0.03 last week after being attacked by a group of investors known as a "whale", which is a large group aiming to find loopholes in algorithms and take advantage of them, said Pipat Luengnaruemitchai, chief economist at KKP Research, a research house under Kiatnakin Phatra Financial Group (KKP).
According to Coingecko.com, UST was at $0.099234, down 25.4% over the past 24 hours as of 2.20pm on Tuesday, while Bitcoin was still hovering at $30,494 as of 2.57pm.
