Bitcoin

Bitcoin slumped below $27000 Thursday for the first time in over 16 months as cryptocurrency markets extended their losses.

Economists have long feared that tether may not have the required amount of reserves to bolster its dollar peg in the event of mass withdrawals. Adding to investors' fears Thursday was a drop in the value of tether, the world's biggest stablecoin. Ether, the second-biggest digital currency, tanked to as low as $1,789 per coin. Digital currency investors often turn to them for safety in times of volatility in the markets. That's a risky gamble, not least because bitcoin is itself an incredibly volatile asset. That marks the first time bitcoin has sunk below the $27,000 level since Dec. 30, 2020.

Bitcoin plunged to its lowest level since December 2020 as a cryptocurrency selloff gathered steam Thursday. The world's largest cryptocurrency by market ...

- Target:Up to 60% off - Target Promo Code You may cancel your subscription at anytime by calling Customer Service. On the other, the decoupling of TerraUSD, a stablecoin whose value was tied to $1, has sent ripples through digital assets.

BITCOIN fell below US$30000 and touched its lowest level since June, while the TerraUSD stablecoin continued its downward spiral. Read more at The Business ...

Bitcoin swung between gains and losses after tumbling to an almost 11-month low, while the TerraUSD stablecoin continued its downward spiral.

The drop came after data showed US consumer prices rose by more than forecast in April, indicating inflation will persist at elevated levels for longer. He added that long-term accumulators like MicroStrategy Inc. begin to fall below historical breakevens. Keep calm and HODL.” Its collapse is lower confidence in an asset class that has been losing confidence among investors all year.” Meanwhile, the TerraUSD algorithmic stablecoin continued to spiral lower, trading at less then 30 cents. Analysts had been watching the $30,000 level as a key threshold, with many projecting that losses could accelerate once the coin falls below it.

TerraUSD was one of the largest cryptocurrencies, meant to be pegged to the U.S. dollar. It has all come undone in recent days, pressuring digital assets.

The price of Bitcoin fell 2% over the past 24 hours to just above $31,000, having dropped under $29,800 in the trough of Tuesday trading before rallying. By Monday, it was notching new yearly lows. Bitcoin and other cryptocurrencies remained under pressure Wednesday, but above their Tuesday lows, with the focus on the meltdown of stablecoin TerraUSD, which is designed to be pegged to the U.S. dollar.

The price of bitcoin briefly turned positive on Wednesday after falling below the $30000 for the second time this week.

The decentralized, algorithmic stablecoin is meant to be backed by a combination of digital assets, including bitcoin. Analysts have called $30,000 a key level for the largest cryptocurrency by market cap, and said it could fall even further if it can't hold there. Generally that's created a lot of fear in the market."