Terra Stack Coin Crisis Helps Crypto Market Slump.
The value of the cryptocurrency continued to decline Thursday morning, after a week of declines.
The price of one bitcoin dropped to just over $27,700 around 10.30. It’s down 10 percent in the past 24 hours, and it’s down just under 30 percent in the past seven days, according to figures from CoinMarketCap.
This is the lowest level since the end of December 2020. Bitcoin was at its peak in November of last year with a value of around $69,000.
Other cryptocurrencies are also struggling. Ether is down more than 19 percent in the past 24 hours, and is down more than 35 percent in the past week.
The decline in well-known cryptocurrencies occurred at the same time as the collapse of the cryptocurrency TerraUSD, also called UST.
Tira is a stable currency. There are cryptocurrencies that will reflect the prices of other currencies or commodities, and Terra is pegged to the dollar.
But this week, Terra’s value has fallen below $1, the level at which it should initially be secured. At the time of writing, the cryptocurrency is worth $0.63.
“The Terra incident has caused panic in the industry, as Terra is the third largest cryptocurrency in the world,” said senior analyst Ipek Ozkardskaya of Swissquote Bank. Reuters.
The collapse also puts pressure on other stacked coins. Tether, which is also pegged to the dollar, is at $0.98 at the time of writing.
There have also been sharp volatility in the stock markets over the past week, and the massive decline of bitcoin began when there was a sharp drop on Wall Street on Thursday last week.
In the past, cryptocurrency was largely unaffected by the broad decline in global stock markets, but this time selling pressure on these assets has weakened the argument that cryptocurrencies are safe places to put their value when there is market turmoil.
“The selling off cryptocurrency was driven by the overall deterrent backdrop of rising inflation and interest rates causing shock waves in the tech sector, leading to the cryptocurrency’s decline,” said Victoria Scholar, chief investment officer at Interactive Investors.
Bitcoin was around $39,500 before the landslide started a week ago.
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