Bitcoin and Ethereum hovered just under key psychological levels, as the global cryptocurrency market cap declined 2.2% to $1.2 trillion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
0.9%
-20.1%
$29,181.06
Ethereum (CRYPTO: ETH)
-5.3%
-28.35%
$1,969.01
Dogecoin (CRYPTO: DOGE)
-3.45%
-33.6%
$0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
ApeCoin (APE)
+45.8%
$8.24
Quant (QNT)
+17.25%
$72.35
Maker (MKR)
+17.2%
$1,317.02
See Also: Best USDC Interest Rates
Why It Matters: Bitcoin fell as low as $26,350.49, while ETH touched $1,748.30 in intraday trading on Thursday amid a marketwide crash.
More than $200 billion was wiped off the cryptocurrency market in a single day as investors fretted about the fallout from Terra USD (UST) losing its peg to the dollar and its consequences on Bitcoin’s price.
The panic only worsened as Tether (USDT) — the largest stablecoin by market capitalization — started to lose its peg to the dollar as investors began to redeem the coin for dollars.
At press time, USDT traded at $0.9974, touching an intraday low of $0.9485.
GlobalBlock analyst Marcus Sotiriou said in a note that a Tether collapse would be catastrophic due to its dominant market cap.
“Although USDT becoming de-pegged persistently is a risk worth noting, I …
Full story available on Benzinga.com