The near-total crash of terra has fuelled real panic that the crypto sector may face existential problems
Shockwaves swept through cryptocurrency markets on Thursday as tether, the largest “stablecoin” and a foundational part of the digital asset ecosystem, broke its peg to the dollar in the latest blow to the struggling sector.
Bitcoin and ethereum, the two biggest cryptocurrencies, shed 5% and 12% respectively, extending losses that have seen both fall more than 20% over the past week. Losses have been even bigger for the smaller players, with dogecoin falling 10% on Thursday and 35% over the week.
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Originally posted in the guardian.
