Bitcoin crash, stablecoin crash destroy crypto

The cryptocurrency suffered heavy losses on Friday, with bitcoin trading near $30,000 and recording a record losing streak as the collapse of a stablecoin called TerraUSD rocked the market.

Crypto assets were also swept up in a broad sell-off of riskier investments amid concerns about high inflation and rising interest rates. Sentiment is fragile, as the token that should be pegged to the dollar has faltered.

Bitcoin, the largest cryptocurrency by total market value, managed to bounce back in Asia and was trading at 30,300 US dollars at 0623 GMT, up 5.0 percent. Bitcoin has returned from a 16-month low of around $25,400 hit on Thursday (12/5/2022).

But it remains well below last week's level of around $40,000 and, unless there's a rebound in weekend trading, heading for a record seventh straight weekly loss

13.05.2022 - 13.06.2022