Bitcoin and its smaller rival Ethereum, which has lost more than half of its market value this year, received the final blow from this week’s collapse of the TerraUSD coin, also one of the world’s largest cryptocurrencies.
“Bitcoin” has fallen to a low of $ 25,401.05, the lowest level since December 28, 2020. In the past eight sessions, Bitcoin has lost a third of its value, or the equivalent of $ 13,000. Its value is down 45 percent this year.
It climbed to $ 69,000 in November 2021, which means it has lost two-thirds of its value since then.
Fixed currencies are digital currencies pegged to the value of a traditional asset such as the US dollar. It is popular during times of turmoil in cryptocurrency markets, and traders often use it to transfer funds and speculate on other cryptocurrencies.
Ethereum, the world’s second largest cryptocurrency, is down about 15% today, to $ 1,700, its lowest level since June 2021.
Source: Al Akhbar