Yesterday morning, the other Dr Wealth Crypto trainer messaged me on FB and told me of the depegging event for UST. I checked Yahoo Finance, and yes indeed, the worst has come to pass in the Cryptocurrency landscape.
One of the most viral stablecoins UST has lost it's peg to the USD !
This depegging of UST from one USD is possibly the biggest event in crypto as it proves that algorithmic stablecoins are not exactly stable over the long term. I assessed the damage to my holdings. I lost about $5k from the entire depegging process in my $30k cryptocurrency account. It's a drop in the ocean because I was only ready to hit 1% of my assets in Crypto by the end of the year, so I have little skin in the game as of now. While most of these losses are in UST Anchor protocol, it was my liquidity pools which took most of the damage.
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