Bitcoin, the oldest and largest digital currency on the market, cost around 30,300 US dollars (around 29,100 euros) on the Bitfinex trading platform. The day before, the price had fallen to $26,600, its lowest level since the end of 2020. Trading in other digital values such as the second largest Internet currency, Ether, also calmed down before the weekend. In the days before, the mood in the crypto market had deteriorated significantly. On the one hand, market observers cited the prospect of rising key interest rates as the reason for the general depressing mood on the financial markets. In addition, there were massive problems with the cryptocurrency TerraUSD, a so-called stablecoin, which is actually supposed to be characterized by high value stability.
After the TerraUSD price collapsed for reasons that have not yet been clarified, the entire crypto market also came under heavy pressure. Even the largest stablecoin by market value, Tether, was briefly unable to maintain its peg to the US dollar. Tether is the third largest digital currency after Bitcoin and Ether, with a market value of around $80 billion.
Source: Nachrichten
