Stablecoins luna and terraUSD add fuel to cryptocurrency fire
Stablecoins luna and terraUSD add fuel to cryptocurrency fire
May 13, 2022 by Moneywatch - CBSNews.com
Key Facts
- MoneyWatch Updated on: May 13, 2022 / 11:39 AM / MoneyWatch The bloodbath in cryptocurrencies continued Thursday when the price of two benchmark "stablecoins" sank below $1, adding fire to a rout that has seen the price of bitcoin fall to its lowest level in more than a year.
- Two of the most sturdy tokens in the cryptocurrency world fell below their benchmark this week and that fueled a digital currency selloff Thursday, leading to price drops in bitcoin, ether and solana.
- TerraUSD and luna are known in crypto circles as stablecoins, which means their value is tied to a commodity or a currency.
- "CONFIDENCE HAS BEEN WANING" The retreat of luna and terraUSD signaled to investors that the broader crypto segment is at risk, said Edward Moya, senior market analyst at Oanda.
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