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Business Maverick: Ether and Altcoins Lead Crypto Rout as Terra DeFi Fallout Deepens

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It’s an all-round sea of red for nearly everything in crypto, with altcoins such as Ether, Solana and Avalanche take a beating. Traders are partially stumped, but for Ethereum, the signs of a lack of demand have been building for quite some time.

The impact of the collapse of Terra, a blockchain ecosystem that supported one of the biggest experiments in decentralized finance, knocked an already bearish market into wild contagion this month. While Terra’s operators had passed a revival plan to start afresh on a totally new blockchain on Wednesday, investors in the rest of DeFi were less than convinced. A“Bearish sentiment remains the theme for cryptos,” said Edward Moya, senior market analyst at Oanda.

Bitcoin acted as somewhat of a haven, paring losses to around 1% after dropping to as low as $28,007. Still, the largest cryptocurrency decoupled Thursday from US equities after recently mirroring price changes in risk assets in recent weeks. Stocks continued to rebound from the lowest levels in over year.

Coupled with poor price performance, that’s likely to exacerbate headwinds for the token in the short term. DeFi developers are dusting themselves off after Terra’s collapse halved the sector’s total value, and dampened markets aren’t going to help in convincing them that now’s the time to get back in the game.

 

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