I guess many of you heard the news about UST going down all the way to ~ 0.60 and even Janet Yellen commented on it. So, can someone please explain it why it happened to UST? What is wrong (?) with it?
I still hear it's not clear, it's rumored that someone intentionally triggered the bitcoin sell which is a weakness of UST itself. UST is backed by bitcoin to be coin stable making it its liquidity. When bitcoin went down, the UST team liquidated bitcoin causing UST to drop and it also affected their other coin LUNA. I got this information from various groups but no valid sources yet, at least don't follow the LUNA UST trend for a while, they are quite dangerous to follow.