From Bitcoin to Ethereum, cryptocurrencies are nursing large losses due to a massive market meltdown in the broader crypto market last week.
The meltdown was triggered by the crash of TerraUSD, one of the world’s largest ‘stablecoins’, so-called as it’s supposed to trade one-to-one with the US dollar.
After TerraUSD ‘de-pegged’ from the dollar, trading as low as 23 cents amid panicked selling, it caused a broader meltdown that sent cryptocurrency values plummeting.
Bitcoin – the largest cryptocurrency – fell