Blood in the streets everywhere in Crypto past few days. It is only today that there are signs of improvement.
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Only BUSD and USDC stable coins above remained green, probably because people where converting to those from the UST.
The algorithmic stable coin on the Terra blockchain Terra USD (UST) that is supposed to track the USD dropped has dropped down to a tenth of a dollar value while the associated LUNA token is at $0.00006 down from $90. This is despite multiple efforts by the custodians to raise its price by injecting millions of dollars. The Terra blockchain has now been stopped.
The UST stable coin has been very popular along with the fast rising Terra blockchain ecosystem but succumbed to alleged manipulation by a whale. Do Kwon, one of the founders was allegedly warned of this kind of attack last year but ignored it.
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The most popular and highest market cap stable coin Tether USD (USDT) also went down briefly before quickly recovering.
Some controversy has been associated with Tether USD in the past, with allegations it is not fully backed up by US dollar reserves as the parent company claims. It is currently difficult to properly investigate Tether because Crypto is currently unregulated. Tether has been described as a systemic risk to Crypto, if it goes down, it will take all of Crypto down with it.