Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Empowering the Future: SourceLess Presents Revolutionary Solutions at Europe’s Premier Crypto Gathering, Web3 Berlin 2023

    June 2, 2023
    Facebook Twitter Instagram
    Angola ReportAngola Report
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Angola ReportAngola Report
    Home » Bitcoin plummets below $27K reversing 2021 gains as crypto risk escalates
    Business

    Bitcoin plummets below $27K reversing 2021 gains as crypto risk escalates

    May 13, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Bitcoin fell below $27,000 for the first time in over 16 months on Thursday. This was amid concerns about rising inflation and the collapse of a controversial stablecoin project. According to Bitstamp data, Bitcoin sank as low as $26,595.52 Thursday morning. That marks the first time bitcoin has fallen below $27,000 since Dec. 30, 2020. As of 1:30 a.m. ET, Bitcoin was trading at $27,061, down 15 percent in the last 24 hours.

    Bitcoin plummets below $27K reversing 2021 gains as crypto risk escalatesThe second-largest digital currency, Ether, plunged to as low as $1,789 per coin. This is the first time a token has fallen below the $2,000 mark since July 2021. The price of Ether fell 23 percent last week to $1,852. On fears of soaring prices and a deteriorating economic outlook, investors are fleeing cryptocurrencies at a time when stock markets are plunging from the highs of the Coronavirus pandemic. U.S. inflation data released Wednesday showed prices for goods and services jumped 8.3 percent in April. This was higher than analysts expected and as high as they have been in 40 years. In addition, traders are concerned by the collapse of Terra, the embattled consensus protocol for stablecoins.

    TerraUSD, or UST, is supposed to mirror the value of the dollar, but it plunged to less than 30 cents Wednesday, causing investors to lose confidence in the so-called decentralized finance market. In the barely regulated crypto world, stablecoins are like bank accounts. In times of market volatility, digital currency investors often turn to them for safety. The algorithmic stablecoin, UST, which is backed by code instead of cash held in reserve, has had problems maintaining a stable value, with holders fleeing en masse.

    At the time of writing, UST was trading at 62 cents, still well below its intended peg of $1. Luna, another Terra token with a floating price intended to absorb UST price shocks, lost 97 percent of its value in 24 hours. It was last worth just 30 cents, even less than UST.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023
    Latest News

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Ayurveda vs science: Decoding the cold water conundrum

    June 2, 2023

    UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    Unveiling the most overlooked early heart attack symptom

    June 1, 2023

    Sony faces antitrust probe in Romania over PlayStation’s market dominance

    May 31, 2023

    Audio-Technica brings back the Sound Burger: a retro turntable for the modern age

    May 31, 2023
    © 2023 Angola Report | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.