In A Single Day, The Cryptocurrency Market Loses More Than $200 Bln.

2022-05-14 | Selina Mathew

In A Single Day, The Cryptocurrency Market Loses More Than $200 Bln.

The most recent decline continues a months-long downward trend.

According to statistics from price-tracking site CoinMarketCap, several major cryptocurrencies, including bitcoin and ether, have seen a huge sell-off in the previous 24 hours, wiping more than $200 billion from the entire market value as of Thursday.

The broad dip is part of a months-long downward trend that has been fueled by growing prices, economic concerns tied to the Ukraine conflict, and a commensurate drop in key stock market indexes.

The fall of terraUSD, one of the major stablecoins, has also been blamed for the recent move.

TerraUSD dipped to around 40 cents per coin on Thursday afternoon, after losing roughly 30% of its value earlier this week. The value of a stablecoin isn't meant to fluctuate or go below $1.

For the first time since July 20, 2021, the price of bitcoin, one of the most prominent cryptocurrencies, dipped below $30,000 on Monday.


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