It’s been less than 24 hours and things have changed, for the worse. UST went as low as 22 cents, Luna goes under 1 dollar, Do Kwon announced a recovery plan, and team Azuki is on the move.

Bearish Market Takes Toll on Financials in First Quarter

“You could listen to influensooors about UST depegging for the 69th time, or you could remember they’re all now poor, and go for a run instead, wyd?” This was Do Kwon’s tweet a day before UST lost its peg down and plummeted to a scarcely believable 60 cents. This is a stablecoin we’re talking about.…

LUNA's Collapse May Consign UST to Long List of Failed Algo Stablecoins

Avalanche Also Plunges as Bears Chomp on Crypto

Terra’s stablecoin UST, the poster child for decentralized assets tied to the US dollar, is off its peg by the most ever as its backbone, the LUNA token, dives. 

Ouch, for a while it looked like we’d ridden the worst of it last week but then the bears bit hard again as the cryptocurrency market dropped back to 1.7trn and if you remember the high was 3trn as recently as November 2021. These periods never feel good. But in this quick take we’ll go…

Global markets have erased yesterday's short-lived rally after the Fed hiked rates by 50bps.

Ethereum and DeFi Drop 9% as Investors Dial Back Risk

DeBank is a multi-chain portfolio tracker that supports the largest number of DeFi protocols.