Cryptocurrencies sell-off continues unabated. Last at the time of writing this copy at around 10:22 pm, bitcoin was down by over 2% to below $30,000 at $29,241. Ethereum likewise was also down by over 4% to $1986.49. On the continued plunge in the crypto world, the global crypto market cap has come down sharply from over $2 trillion to $1.26 trillion. At the same time, the total crypto market volume over the last 24 hours is $88.32B, which makes a 15.80% increase.
Other cryptos that are down sharply over the 24 hour period are Avalance (down close to 8%), Polkadot (down over 8%), Gala (over 7%) and Luna (down by over 35%).
Importantly, the wipeout of stablecoin TerraUSD as well as its sister crypto Luna have together erased over $270 bn from the total trillion-dollar value of the crypto space. The weekly net change in Bitcoin volatility was the highest in the two years as per reports.
Last week, the US Federal Reserve expressed its concerns and iterated that stablecoins were vulnerable being backed by assets that could lose their value or become illiquid during market turmoil.