However, despite their attempts to backstop Terra’s death spiral, UST failed to regain its peg to the US dollar.“When things go pear-shaped, lessons are learned, and people build back harder. Bear markets are times when projects with little utility fail and those that can actually make a difference begin to shine,” said Ovadia.
“The lower prices may have been the impetus for those who were considering buying crypto for the first time to dip their toes into it,” he said. “The effect on crypto exchanges such as ourselves has, by and large, been very positive over the short term,” he said.Revix CEO Sean Sanders said that the assets they hold in custody on behalf of clients dropped proportionately to the crypto market’s decline last week.
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