The post sUSD Lost Its Stability to $1, This Altcoin Price Reacted! appeared on BitcoinEthereumNews.com.

A new one has been added to the depeg (stablecoin losing its peg to $1) events, which have been increasing in number recently in the cryptocurrency market. Synthetix’s decentralized stablecoin sUSD lost its peg to the dollar and fell below $1, The Block reported. This decline was due to increased selling on decentralized exchanges, with sUSD falling below the stable price of $1 to as low as $0.92. sUSD price later recovered to $0.96. Chaos Labs, risk manager for the Aave lending protocol, stated that the depeg on sUSD was triggered by a withdrawal from the sBTC/wBTC liquidity pool by a major liquidity provider on the Curve decentralized exchange. As the user continued to sell sUSD, it caused the price to drop to as low as $0.92. The depeg experienced in sUSD was also reflected in the price of Synthetix (SNX). At this point, the SNX price, which has fallen in recent hours, continues to trade at $ 2.67. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/susd-lost-its-stability-to-1-this-altcoin-price-reacted/

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Filed under: News - @ May 18, 2024 3:20 am