Bitcoin Dips Below $44K, Crypto Economy Drops 4.5%, Traders Rush to Stablecoins
The price of bitcoin dropped below the $44K zone on Wednesday to $43,678 per unit as the entire crypto-economy has shed billions in value. At the time of writing, the overall crypto economy is down 4.5% as it dipped to $2.25 trillion in value. Bitcoin and Crypto Economy Sheds Billions, Crypto Fear & Greed Index Indicates ‘Extreme Fear’ Is in the Air Bitcoin (BTC) slid in value today, roughly 5.4%% during the last 24 hours. Just after 3:00 p.m. (EST) prices dipped from $46K to $43,678 per unit. BTC’s price is just below the $44K price range against the U.S. dollar.....
Related News
The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market....
Over the last few weeks, cryptocurrency markets have fallen in value as most of these assets reached all-time price highs three months ago. Despite the price drops, 2021 has still been an explosive year for crypto gains and fiat-pegged stablecoins have grown massively as well. 53 days ago, the entire capitalization of fiat stablecoins crossed the $100 billion mark, and the stablecoin market valuation continues to grow, swelling 13% since the end of May. Stablecoin Market Valuation Grows by 13% in 30 Days, Tether Issuance Slows Stablecoins have made their mark in the crypto economy over the....
Stablecoins are now drawing the attention of people in Argentina after a top cabinet official resigned. As a result of the departure of Argentina’s economy minister in the face of a continuing economic calamity, Argentines ramped up their purchases of stablecoins throughout the weekend as they normally do. The cost of purchasing Tether’s stablecoin USDT […]
As an increasing part of the bitcoin economy, stablecoins are collateralizing $7.21 billion of bitcoin futures open interest.
The collapse of algorithmic stablecoin UST created a ripple effect not just in the crypto market but among world regulators as well. The collapse of the Terra ecosystem, which subsequently depegged its algorithmic stablecoin TerraUSD (UST) value and crashed it to an all-time low of $0.30, has cast doubt over the future of not just algorithmic stablecoins but all stablecoins in general.UST’s success and stability were intertwined with its sibling, LUNA, which creates arbitrage opportunities that, in theory, should keep UST’s price steady. If UST’s price drops below $1, it can be burned in....