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Bitcoin crash, stablecoin crash destroy crypto

The cryptocurrency suffered heavy losses on Friday, with bitcoin trading near $30,000 and recording a record losing streak as the collapse of a stablecoin called TerraUSD rocked the market.

Crypto assets were also swept up in a broad sell-off of riskier investments amid concerns about high inflation and rising interest rates. Sentiment is fragile, as the token that should be pegged to the dollar has faltered.

Bitcoin, the largest cryptocurrency by total market value, managed to bounce back in Asia and was trading at 30,300 US dollars at 0623 GMT, up 5.0 percent. Bitcoin has returned from a 16-month low of around $25,400 hit on Thursday (12/5/2022).

But it remains well below last week's level of around $40,000 and, unless there's a rebound in weekend trading, heading for a record seventh straight weekly loss.

"I don't think the worst is over," said Scottie Siu, director of investment at Axion Global Asset Management, a Hong Kong-based firm that runs a crypto index fund.

"I think there's more downside in the coming days. I think what we need to see is a decline in open interest, so speculators are really getting out of that, and that's when I think the market is going to stabilize."

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TerraUSD (USDT) broke its 1:1 benchmark against the dollar this week, as its mechanism to remain stable, using another digital token, failed under selling pressure. It was last trading close to 10 cents.

Tether, the largest stablecoin and which developers say is backed by dollar assets, also came under pressure and fell to 95 cents on Thursday (12/5/2022), according to CoinMarketCap data, but returned to one dollar on Friday.

The sell-off has roughly halved the value of the global cryptocurrency market since November, but withdrawals have turned into panic in recent sessions with pressure on stablecoins.

It is a token that is pegged to the value of a traditional asset, often US dollars, and is the primary medium for moving money between cryptocurrencies or for converting balances into cash.

"More than half of all exchange-traded bitcoin and ether are versus stablecoins, with USDT or Tether taking the lion's share," analysts at Morgan Stanley said in a research note

Original writeup (https://www.blockdit.com/).