News Formal

TerraUSD spooks crypto market as stablecoin plunges

  • 📰 SkyNewsAust
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 78%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

An estimated $USD200 billion has been wiped from the value of crypto currency around the world as a run on the most popular coins followed the collapse of one investment that was never meant to fall.

Mr Greenwood said the algorithmic stablecoin TerraUSD is an intended one-to-one peg to the US dollar.

“It’s supposed to mirror the US dollar – so in other words one stablecoin equals one US dollar,” he said. “The idea was if you sold your Bitcoin or your Ethereum, you’d go and buy these instead rather than actually converting it back to actual cash until you’re ready for your next transaction.” Mr Greenwood said the crypto market has become “spooked” after the stablecoin suddenly dropped in value to 23 US cents.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

it is not real money

Good

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 7. in AU

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Turmoil and panic in crypto market as ‘stablecoin’ slump prompts wider collapseThe near-total crash of terra has fuelled real panic that the crypto sector may face existential problems 'cryptocurrency' the greatest pyramid scam of all time.
Source: GuardianAus - 🏆 1. / 98 Read more »