Decentral Block Post

Bitcoin (BTC) held steady at just above $20,000 after the June 29 Wall Street open as Europe's chief banker admitted the world would "never" return to low inflation.

Lagarde on inflation: "I don't think we're ever going back"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD looking nonvolatile but precarious as it stuck in a narrow range on the day.

United States equities markets were likewise calm after Asian trading had seen fresh losses. In Europe, meanwhile, comments from central bankers set the macro tone.

In particular, Christine Lagarde, head of the European Central Bank (ECB), appeared to state that inflation would remain high indefinitely.

"I don't think we're going back to that period of low inflation," she said during a press conference at the ongoing ECB Forum event in Sintra, Portugal.

Terra's $40-billion experiment to create a functional "algorithmic stablecoin" project has failed drastically following its collapse in May.

Nonetheless, its native stablecoin TerraClassicUSD (USTC), earlier called TerraUSD (UST), has been thriving in the past week.

Dead stablecoin walking

To recap, UST lost its U.S. dollar peg in May following mass withdrawals from Anchor Protocol, a lending and borrowing platform offering up to 20% yield to clients on their UST deposits. As of June 15, the token was almost worthless, trading at $0.005 at the Kraken crypto exchange.

But USTC started recovering afterward, insomuch that its value per token almost reached $0.10 on June 29. Simultaneously, its capitalization surged from $65 million to $767 million in the same period, according to data from CoinMarketCap.

That is despite USTC operating as an abandoned token after Terra launched a new blockchain with a new native asset LUNA 2.0, following a "hard fork" in May.

Terra's $40-billion experiment to create a functional "algorithmic stablecoin" project has failed drastically following its collapse in May.

Nonetheless, its native stablecoin TerraClassicUSD (USTC), earlier called TerraUSD (UST), has been thriving in the past week.

Dead stablecoin walking

To recap, UST lost its U.S. dollar peg in May following mass withdrawals from Anchor Protocol, a lending and borrowing platform offering up to 20% yield to clients on their UST deposits. As of June 15, the token was almost worthless, trading at $0.005 at the Kraken crypto exchange.

But USTC started recovering afterward, insomuch that its value per token almost reached $0.10 on June 29. Simultaneously, its capitalization surged from $65 million to $767 million in the same period, according to data from CoinMarketCap.

That is despite USTC operating as an abandoned token after Terra launched a new blockchain with a new native asset LUNA 2.0, following a "hard fork" in May.