Wednesday, December 7, 2022

Highlights May 12: TerraUSD recovers, Tether peg collapses

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The crypto market is extremely negative with most top 100 cryptocurrencies deep in the red at the time of writing. 

Crypto exchanges saw more than a billion in liquidations. The highest was crypto exchange OKX with $393 million, followed by Binance at $389 million and Bybit at $155 million.

Top cryptos

Tether (USDT) dropped to 97 cents in Asian hours, losing its peg with U.S. dollars. It is currently trading for 98 cents, but has lost almost 2% of its value in 24 hours. 

Traders sold USDT for U.S. dollars amid poor sentiment for stablecoins in crypto communities. 

Bitcoin dropped to $25,400, reaching levels from December 2020. It is now trading above $27,000. Losses from liquidations were led by ether futures, with markets losing over 16% of their overall cap. 

Outside the top 10, TerraUSD (UST) is showing signs of recovery, up 65.61% in the last 24 hours. Earlier this week, it dropped to as low as 22 cents. Terra’s stablecoin is currently worth 64 cents. All other cryptos shed 20-30% of their value. 

Top movers

Outside the top 20, the tendency was similar, with most losses in the double digits. Some cryptocurrencies lost as much as 30%. 

Notable standouts include The Graph and Gala, each down 40%, Convex Finance with losses of 38%, Fantom with 42%, and eCash with 47%. Terra has lost 96% of its value and ranks #78 by market cap.

Despite the negative sentiment around stablecoins, most of them are gaining. Fei USD, which is the DeFi native algorithmic stablecoin of Fei Protocol, Pax Gold, Pax Dollar, TrueUSD, Dai, Binance USD, and USD Coin are all up, some by more than 1%.  

The only gainer among regular cryptocurrencies is Axie Infinity, which added 4% to its value today. 

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The biggest winner today is Metalandz, a new crypto-gaming platform with Play 2 Earn games, NFTs and the Open Jungle NFT marketplace. The governance token METAZ has gained 285%. 

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