The cryptocurrency market lost more than $200 billion in a single day, parallel to the falls suffered by the major wall street indices where sales have prevailed in recent days, reported the specialized media CNBC.
(See: The effects of the crash of bitcoin and other cryptocurrencies).
Among the major currencies, the bitcoin It fell below $26,000 for the first time in 16 months, after losing nearly 20% in five days. ether, the second of the cryptocurrencies, was quoted on Thursday at 1,719 dollars per unit, which represents a drop below 2,000 dollars, a figure from which it had not fallen since July 2021.
Investors are withdrawing their investments in these securities that have been hurt by the inflation, the aggressive policy of raising interest rates by the United States Federal Reserve and the downward revision of economic projections.
(See: ‘Crypto Winter’: What It Is and How Close the Market Is to Getting There.)
On Thursday, May 12, for example, the stable cryptocurrency terraUSD, whose value was in theory pegged to the dollar, plummeted to a low of 23 cents, while its creator announced that he would seek “rebuild” the product by modifying the complex mechanism on which it is based and seeking more capital.
Moon, another cryptocurrency linked to terraUSD, has also lost much of its value.
Analysts quoted by CNBC point out that the collapse of terraUSD has increased fears of a major bearish contagion in the market.
(See: Cupcakes and other objects that have been ‘turned’ into digital assets).