The Terra blockchain has resumed activity after it was delisted for nine hours amid the ongoing Bitcoin crisis.
The blockchain was halted at block 7607789 early hours of Friday morning Blocks 7607790 and 7607791 then came through at around 11:27 UTC.
Bitcoin saw a 92% dive earlier this week. However, things appear to be back on the up again. After dipping below $26,000 this week, numbers on Friday show it’s climbed up to $30,000.
CoinGecko data shows that TerraUSD lost its peg to the US dollar and coin luna ultimately crashed to zero just five weeks after reaching a market cap of $41 billion.
A pegged cryptocurrency is an encryption-secured digital mode of exchange. Its worth is tied to that of some other method of exchange, such as gold or national currency.
The dip has sparked a security alert for TerraUST founder Do Kwon and his wife for fear of a “Lehman moment” for the market. There have even been calls for the blockchain founder’s arrest.
According to Fortune, TerraUST was designed to trade at a one-to-one ratio to the greenback, but it “instead employed an algorithmic process of creating and then destroying its very own supply of Luna coin, which served as a kind of shock absorber.”
Do Kwon took to Twitter to post a message to concerned traders:
“Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the #LUNAtics. Short-term stumbles do not define what you can accomplish,” he tweeted. “It’s how you respond that matters.”
Still, Luna remains effectively worthless.
