Crypto Twitter Community Shares Thoughts on UST De-Pegging

There is a debate making rounds in the crypto space as to whether or not Terra USD’s (UST) collapse is bringing the rest of the crypto market down. This of course follows after UST lost its peg to the U.S. Dollar recently, as its price dropped below 30 U.S. cents.

To find out what the community’s thoughts are, a Twitter user by the name of David Gokhshtein hosted a live space on the social media platform today. The link to the live space was also shared by Cardano’s co-founder and CEO, Charles Hoskinson.

The sentiment towards the current crypto market crash seems to be neutral as the Twitter users that joined the session seem to be crypto HOLDlers. In fact, most seem interested in the long-term prospects of the technology.

One point that kept making its way to the session was the situation with the rest of the global financial markets. Session attendees kept highlighting the fact that what is going on in the cryptocurrency market is no different from what is happening in the rest of the financial markets.

Some of the events in the global financial markets that were brought up include the current rate at which the U.S. is printing fiat currency and the amplified market manipulation seen in the traditional financial sector.

One Twitter user even pointed out that cashing out cryptocurrency for fiat defeats the whole purpose, and that the community must remember why cryptocurrency and blockchain technology was created in the first place: to introduce more transparency, decentralization, and accountability in the financial sector.