Just when it looked like Bitcoin (BTC-USD) was going to churn sideways for a while – it crashed 15%, instead…and took a lot of other crypto prices down with it. Let’s take a look at the domino effect that happened here – and what it says about where we go next! Source: Shutterstock An “Algorithmic Margin Call” at Terra Remember when Terra (LUNA-USD) bought a bunch of bitcoin to back its stablecoin, TerraUSD (UST-USD)? It was a pretty cool experiment: Build a crypto (UST) that’s pegged to the U.S
The CEO of Circle, compared the government’s recognition of the importance of crypto to the early 1990’s, and the wakeup call to the dawning of the commercial Internet.
Now that the guideposts have been drawn, how officials in Washington are thinking, and how that translates into crypto policy, is very much an open question.