Ethereum, which has shed more than half its market value so far this year, dropped as much as 16 per cent.
TerraUSD, which recently climbed into the top 10 tokens by market value, was quoted around 50 cents Thursday, according to CoinGecko price data. But even reserve-backed stablecoins, which say they have sufficient assets to maintain their pegs, were showing signs of stress on Thursday. As both stock markets and crypto markets fell Thursday, traders cited chaos in the crypto market as a focal point for concern, Bloomberg reports. Strategists worry that small traders, who lost a lot in the meme stock craze, will be wiped out with these crypto losses and sell everything else.Article content
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