The following is an excerpt from a recent issue of Bitcoin Magazine Pro, The Bitcoin Magazine Premium Markets Newsletter. To be among the first to get these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

UST dollar peg collapses

What has been developing over the weekend and amplified today is the Terra stablecoin (UST) depegging against the US Dollar, with Terra currently trading at $0.85. Many of these market dynamics have been playing out in near real time today as the situation worsens and is likely to change again in the next 24 hours. It started with billions of dollars in UST exiting the high-yield anchor protocol over the weekend and morphing into a full-fledged digital bank run.



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