The original cryptocurrency Bitcoin fell to USD 26,591 on the Bitfinex trading platform, its lowest level since the end of 2020. In just one month, Bitcoin has lost a third of its value. Since the beginning of the year it has been a good 40 percent.
Other digital stocks also continued to fall in price. Ether, the second-largest digital asset after Bitcoin, fell well below the $2,000 mark. Ether has lost about half of its value year-to-date. The market value of all around 19,400 crypto assets is currently around $1.1 trillion. The record figure of almost $3 trillion reached in November last year is a long way off.
Experts attribute the bad mood of market participants to two reasons:
UST is a so-called “stable coin” that is characterized by special value stability in contrast to other digital values. TerraUSD wants to achieve this through a special algorithm designed to keep the cryptocurrency in a stable relationship to the US dollar.