It is mayhem across markets with cryptocurrencies also reeling under continued sell-off. In early morning trade on Thursday (May 12, 2022), bitcoin for a brief period hit lows of $25,200 after the stablecoin tether (USDT) pegged to the US dollar lost its $1 value and snapped to 97 cents. At the time of writing this story at around 10:00 pm, Tether quoted lower by 0.2% at $0.997.
Just around the same time, Bitcoin-the largest crypto token by m-cap was seen plunging by 3.7% and quoted at $29,454. In 1-week’s time Bitcoin has plunged by nearly 20% and is at its lowest level since December 2020.
Likewise, Terra’s LUNA that is seen losing on a constant basis has drooped 99.4% over the last 24 hours and last was priced at $0.014. The relentless crash in Terra Luna is on the back of Terra USD algorithmic stable coin de-pegging failure.
Terra is a blockchain protocol supporting price-stable global payment networks by deploying stablecoins backed by fiat currency.
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Story first published: Thursday, May 12, 2022, 22:35 [IST]