“I remember this exact market feeling from 2018 when bitcoin fell more than 80%, briefly trading below $4,000 a coin,” Hougan says in a video on Bitwise’s website. “At difficult moments in the market like this, what I like to do is take a step back and ask myself ‘has anything fundamental changed about my investment thesis on crypto?’” This means considering if there have been new developments, technologically focused limitations, or changes to the current regulatory environment that was previously unforeseen and would change your long-term investment thesis on crypto. While the stablecoin UST losing its $1 peg sent a shockwave through all of crypto, it appears to now be a siloed event and reaction. Tether, the largest and most established stablecoin, briefly traded below its $1 peg on Thursday as market fears caused $3 billion in tokens to be withdrawn from the blockchain. It has since recovered, reports CNBC. Luna, the associated cryptocurrency for the Terra network, has crashed to $0 and the blockchain was halted yesterday. It’s important to note that UST was not backed by real-world assets, instead relying on an algorithm that mints UST tokens and burns luna for its peg, while Tether is pegged to real-world assets such as bonds.