BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Crypto Market Crash Continues Past its $600 Billion Loss

Alexa by Alexa
May 12, 2022
in Crypto, Investing
Reading Time: 2 mins read
A A
Crypto Market Crash Continues Past its $600 Billion Loss

Crypto Volatility

1
SHARES
20
VIEWS
Share on TwitterShare on Reddit

This Thursday, Bitcoin and other cryptocurrencies took a major hit amid a crash of digital assets. The loss has wiped away $600 billion in a market capitalization in just a week. 

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Bitcoin has fallen 9% in the last 24 hours to a price of $28,000, and dipped to an all-time low of $26,000; the lowest it’s seen since late 2020. The coin has suffered a quarter loss of its value this week and is following a consistent trend downwards. 

The damage does not end with Bitcoin. Ethereum, the runner-up most popular digital asset, saw a 20% drop to around $1,900; the lowest it’s been since July 2021. The token underpinning the Ethereum network has lost one-third of its overall value in the past week. 

Altcoins Brushed By Death

An even darker shade of red is being seen amongst altcoins, the smaller tokens of the crypto-ecosystem with Solana, Cardano, and Avalanche all falling 25% to 30% this week.

Coins that were originally intended as internet jokes rather than serious blockchain projects were also brushed by death, with Dogecoin and Shiba coin both losing about 25%.

Stablecoins Under Immense Pressure

A dramatic turn for cryptocurrency as Tether, which is meant to serve as a stable coin and maintain a 1:1 peg with the U.S. dollar– fell in value to a trading value of 96 cents to the dollar. 

Stablecoins play an important part in the cryptocurrency world as they are meant to provide stability to traders and the market, and they currently make up about 90% of all digital asset trading volumes. These coins are a main medium of exchange for payments, trading, lending, and other types of transactions on the blockchain. 

The coin Tether is meant to be backed 1:1 by real assets, but unlike Tether, the coin TerraUSD, an apparent algorithmic stablecoin that uses financial engineering and an assortment of opportunity with another token, Luna, to maintain its peg. TerraUSD’s meltdown in the past week, when it traded as low as a quarter on the dollar, has worsened the latest crypto selloff. 

Stablecoins haven’t been isolated in their downward force in the crypto market. 

While theoretically Bitcoin and other coins should trade independently of other traditional financial markets, they have shown to be greatly correlated with the stock market, moreso tech stocks. 

The stock market in itself has been going through its own barrage of issues and volatility amid anticipation that the Federal Reserve will be moving aggressively to control inflation at a multi-decade high, with the risk being that swiftly rising borrowing costs could elicit a recession. 

These sorts of conditions significantly threaten sentiments among “risky” assets like cryptocurrencies and tech sector stocks. 

Tags: crypto
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Bitcoin Falls More Than 50% from it’s All-Time High

Bitcoin Falls More Than 50% from it's All-Time High

Related News

salt crypto lending

Crypto Lender Salt Makes Comeback With $64.4 Million Funding

February 11, 2023
Brave Browser Now Includes Solana Support and Ramp Wallet

Brave Browser Now Includes Solana Support and Ramp Wallet

June 17, 2022
circle

All Eyes on Stablecoins: Circle

July 11, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?