'Kwontitative easing' — BTC price hits $43K in UST as Terra empties $2.2B Bitcoin bag

'Kwontitative easing' — BTC price hits $43K in UST as Terra empties $2.2B Bitcoin bag


Bitcoin (BTC) fell below $30,000 for the first time in ten months on May 10 as turmoil at Blockchain protocol Terra continued.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price bounces at $29,700

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plumbing lows of $29,731 on Bitstamp.

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The first trip under the $30,000 mark since July 2021, overnight BTC price performance came amid both declining stock markets and fresh trouble for Terra’s U.S. dollar stablecoin, TerraUSD (UST).

As Cointelegraph continues to report, UST saw an attack involving mass selling this week, which culminated in Terra using its giant 750 million BTC reserves to prop up its USD peg.

Initial liquidity steps to mitigate the impact of the threat proved insufficient, however, and UST subsequently fell to lows of $0.67, according

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