The downturn in the crypto market this week has attracted the attention of the investment world. Even in the cryptocurrency world, the turmoil is said to stress investors.
To quote Bloomberg last Friday, May 13, 2022, the drama in the crypto market began when the algorithmic stablecoin TerraUSD fell from its peg dollar when a complex mechanism designed to ensure links suddenly turned against it.
This then sucks various crypto assets and even the largest digital assets into the vortex of panic selling investors. Then there are terms like the 'death spiral' coming into the everyday conversation of crypto investors.
Then in the middle of this week, the turmoil briefly dragged down the $80 billion stablecoin Tether. Tether, which is a market giant and a major mover in many deals, eventually went so far as to push its publishers to reassure investors that all was well.
Products traded on exchanges related to crypto immediately fell. This can be seen from the fall of problematic Luna coins by up to 99 percent in one day. However, as of this past Friday, the calm has returned for crypto assets.
However, the impact of the collapse in the crypto market of around US$ 270 billion or the equivalent of Rp. 3,952 trillion in the lost market value of crypto assets, is clearly still being felt. The figures were released by CoinMarketCap.
Compared to October 2021, this week has been the most volatile week for Bitcoin. Then, the next question is: What is another corner of the crypto world that might soon unfold and cause a market crash like this?
When blurt go up??
