Notably, on June 18, Bitcoin fell below the crucial $20,000 support level; this meant that the price of the flagship digital asset reached its lowest level since December 2020. He was sharing his thoughts on the market crash, which the Luna Foundation may have inadvertently contributed to when it sold Bitcoin in May to assist fund TerraUSD. Kwon stated:
Kwon discusses benefits of DeFi
What’s more, Kwon discussed the benefits of decentralized finance (DeFi), that believers in DefImust accept volatility as the cost of achieving authority over their lives and that these convictions should not be rendered void by the liquidations in the crypto market, he said: He added:
Terra’s impact on the market
Ultimately, many investors and traders that have been impacted by the collapse, will not be happy to hear Kwon’s latest thoughts on creating “systems that are stronger and more resilient to those attacks.” Indeed, before the crash, there were a few in the cryptocurrency sector who expressed concerns about the stability of TerraUSD and its need for traders to operate as its backup. However, the chief technology officer (CTO) of Tether (USDT) said that it was a recipe for disaster: Add to that the fact that crypto hedge fund Three Arrows hired financial specialists to help it stay afloat after it was ‘taken off-guard by the unprecedented sell-off and that fresh research suggests that the collapse of Terra may have been the result of an inside job, and you have a lot of people in the business harboring resentment. Featured image via Terra YouTube.
