Celsius Network CEO Alex Mashinsky said in a recent interview that not all stablecoins are developed the same and not all stablecoins can be considered stable assets. According to Mashinsky, stable cryptocurrencies are divided into different groups according to the reserve assets they are supported.
Stablecoin Statement from the CEO of Celsius Network
Celsius Network CEO Alex Mashinsky shared his thoughts on stable cryptocurrencies and warned investors in a recent interview following the UST crisis. Stating that not all stablecoins are developed in the same way, Mashinsky also stated that all stable cryptocurrencies cannot be considered as stable assets.
Mashinsky stated that stable cryptocurrencies are divided into different groups according to the reserve assets they are supported, and that there are three different groupings in stable cryptocurrencies. Stressing the UST crisis and stating that algorithmic stablecoins pose a risk, Celsius Network CEO Alex Mashinsky said that collateralized stable cryptocurrencies were not affected by the UST crisis.
The UST Crisis and Its Impact on the Cryptocurrency Market
There has been a strong selling pressure in the cryptocurrency market, with the stable cryptocurrency UST of the Terra blockchain falling below $1 last week and LUNA posting some sizable losses. Bitcoin (BTC) slumped as low as $24,500 and most altcoins in the cryptocurrency market recorded massive losses.
However, Bitcoin (BTC) started to record bullish price movements again after falling to the price levels of $ 24,500 and exceeded the price levels of $ 30,000 again in the early hours of the day. With Bitcoin exceeding $ 30,000 again, the crypto money market entered a partial recovery process. In the total market value of cryptocurrencies, low rate increases began to be recorded.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.