Crypto Market Plunges; Do Kwon Breaks his Silence on the UST Saga
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The broader crypto market continued its downward spiral on Wednesday as LUNA and UST suffered a massive implosion in spite of LFG's efforts to restore UST's dollar peg. It was not just LUNA and UST that took a plunge. As of the time of writing, BTC has fallen below the $28k support level after shedding a whopping 11.2% of its market value in the last 24 hours. If the current support near the $28.5k level buckles under further selling pressure, the bears may likely push BTC towards the $26.5k support zone. However, on-chain metrics have yet to detect any abnormal selling pressure from long-term holders, who are apparently still HODL-ing despite the bleak market outlook.