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Home Cryptocurrency Alt coins

Retail Investors Desperately Bought Up The Collapse of Terra – Jump Crypto

Admin by Admin
03.06.2022
in Alt coins, Cryptocurrency
18 0
0

Reading time: ~2 m


Retail investors turned out to be the main “bottom buyers”, while large investors closed positions on Terra

Retail investors were desperately buying up the fall of the terraUSD (UST) stablecoin as large savers unloaded their investments. This is written by Bloomberg with reference to the study of the investment firm Jump Crypto.

According to the data presented, some large investors shortly before the collapse managed to unload their investments in UST, which cannot be said about small players.

For example, large investors were able to get out of positions on the algorithmic stablecoin on May 7, but small investors, on the contrary, increased investments in the period from May 7 to May 9. Such a gap in time, according to Bloomberg, once again raises the issue of insider trading in the crypto market.

Jump Crypto notes that just on May 7, one of the major wallets became the starting point of the collapse, unloading about $ 85 million in the stablecoin.

It is alleged that the chain of events caused a “death spiral”, as a result of which the UST and LUNA quotes collapsed to almost zero, which shook the cryptocurrency market and called into question its viability.

It is noteworthy that the investor of Terra was the firm Jump Crypto itself, but how much it lost, and whether the firm lost at all from investing in UST, remains unknown.

Recall that in early May, the UST stablecoin lost its peg to the US dollar. What exactly caused the incident remains unclear. One of the theories circulating on the network says that someone turned George Soros’s strategy with Terra. The UST/USD quotes fell from $1 to $0.12. The native token of the Terra ecosystem also came under attack, losing 100% in the LUNA/USD pair over the past week.

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#Retail #Investors #Desperately #Bought #Collapse #Terra #Jump #Crypto

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