Majority indicate the UST pegging an issue for the ongoing bearish move of the market. I don't think so, because the market used to have bearish and bullish moves. After a long the market have turned bearish, and people started to make a connect with the UST as a reason for this. This time it looks like it'll take some good time for the recovery of the market. When the recovery happens the same will be connected with the incident happening by that time.
I think it helped to the bearish season that we've got now.
The Terra Luna's foundation have contributed too much with the shorting of bitcoin that they've accumulated long ago. As they short, the focus is to put back UST into $1 pegged.
But what has happened, the market has keep on dropping and both of their coins are going down.