Cryptocurrency markets have been going through one of the most troublesome processes in their history for the past few days. The markets, which have already been shaken for a while due to global economic conditions, faced great chaos with the collapse of the dollar-indexed cryptocurrency called UST (TerraUSD). The total loss in the last 24 hours has exceeded $ 275 billion…
The situation in the markets is so complex that Bitcoin has lost more than 11 percent in the last 24 hours. The total size of the crypto money markets, on the other hand, dropped to the level of 1.11 trillion dollars with a loss of about 20 percent. Investors know very well; The slightest red candle in Bitcoin turns altcoins into a bloodbath. That’s what happened. For example, Ethereum has lost around 22 percent in the last 24 hours.
“Snowball effect”
*The latest situation in 10 cryptocurrencies with the largest volume. Source: Coinmarketcap
The series of events did not escape the attention of the names in the industry. For example, in the statements made by Andy Lian, the head of the Netherlands-based crypto money exchange BigONE Exchange, it was stated that the fluctuation in the UST spread to all crypto money markets, creating a snowball effect. Mentioning that the discussions about inflation and recession in the real markets are already frightening the investors, Lian states that with the decline in Bitcoin, investors are starting to get scared and panic selling deepens.
It is absolutely unpredictable what awaits cryptocurrencies, investors and exchanges. However, this situation has come to favor those who do not believe in cryptocurrency technology and traditional finance advocates. In fact, in an article we shared with you yesterday, we mentioned the statements made by the US Treasury Secretary Janet Yellen. Yellen said, “The stablecoin known as TerraUSD ran into a problem and lost value. I think this (hardcoins) is a rapidly growing product and the risks it poses are growing rapidly as well.” she had used the phrases.
This content cannot be considered investment advice.
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