Massive sales in cryptocurrencies wiped out more than $ 200 billion (about R3.2 trillion) of market wealth in just 24 hours, according to estimates by price-tracking website CoinMarketCap.
The broad plummet in the Crypto complex, driven by the collapse of the TerraUSD stablecoin, hit big tokens hard. Bitcoin fell as much as 10% in the last day to its lowest level since December 2020, while Ethereum fell as much as 16%.
The carnage showed signs of further spread Thursday as crypto-related stocks in Asia also cratered. Hong Kong-listed fintech company BC Technology Group Ltd. close 6.7%. Japanese Monex Group Inc. – which owns the TradeStation and Coincheck marketplaces – ended the day down 10%.
As central banks around the world move to aggressively tighten monetary policy to combat inflation, digital tokens have to deal with selling pressure amid a wider flight of risk assets. S&P 500 futures fell 0.8% on Thursday, following losses in the MSCI Asia Pacific Index benchmark.
However, investors in the crypto space are no stranger to wild swings in the market, and Bitcoin and Ethereum pairs are losing fast to trading 4.2% and 9% respectively, starting at 16:45 Hong Kong time.
We live in a world where facts and fiction are blurred
In times of uncertainty, you need journalism that you can trust. For 14 free days you can have access to a world of in-depth analysis, investigative journalism, top opinions and a variety of features. Journalism strengthens democracy. Invest in the future today. Thereafter, you will be charged R75 per month. You can cancel at any time and if you cancel within 14 days you will not be charged.
More than R3.2 trillion disappeared in 24-hour cryptocurrency massacre
Source link More than R3.2 trillion disappeared in 24-hour cryptocurrency massacre