Bitcoin's network has worked perfectly as designed so I'm not sure I understand where your coming from. The coin price will always fluctuate and be over speculated or over sold at times, its what markets do. Terra was described as an attack, I'd describe it as architectural failure and crap for anyone who had money in it.
I mean that it turns out the value of BTC is at least half backed by the original system, just skipping over the standard guarantees. And every other drop in stablecoins affects BTC further. That means for all the tech behind it, the value actually relies on good old fat funds that we hope are legit (but have no way to check)
Most transfers still happen off-network, so it's back to the double entry. Not that BTC is triple entry in any way - there's still two parties on each spend entry.
