Connect with us


Business and Brands

Bitcoin falls to lowest in 16 mths, giving up 2021 gains

Bitcoin falls to lowest in 16 mths, giving up 2021 gains

Published

on

Bitcoin fell to its lowest in 16 months on Thursday, leading a rush out of risk assets such as tech stocks, while the collapse of TerraUSD, a so-called stablecoin, underscored the strain on cryptocurrency markets.

The world’s largest cryptocurrency dropped as low as $26,970, to stand at its lowest since Dec. 28, 2020. In the last eight sessions, it has lost a third of its value, or $13,000.

Advertisement

Bitcoin surged in 2021 to reach its all-time high of $69,000 that November.

Traders say its recent decline mirrors tumbles in tech stocks, as the Nasdaq has lost 6.4% this week.

Advertisement
READ ALSO:   Sylvester Oromoni: Doctor makes fresh revelation on late Dowen College’s student

Another factor at play is the spectacular collapse of TerraUSD, once the world’s third largest stablecoin, which broke its dollar peg this week to fall as low as 30 U.S. cents, causing ructions in the crypto industry.

Market players are still weighing the fallout of its collapse to identify if any major companies or investors have been badly hurt, as a possible clue to wider contagion.

Advertisement

Ether, the world’s second largest cryptocurency, tumbled more than 10% on Thursday to stand as low as $1,833, its lowest since July 2021.

Advertisement
READ ALSO:   Naija News: Top Nigerian Newspaper Headlines For Today, Thursday, 22nd June, 2023
Advertisement







Also Read...