Published On: Tue, May 17th, 2022

Crypto warning: Terra Luna crash ignites ‘crypto panic’ | City & Business | Finance

“Even the world’s leading crypto Bitcoin plummeted to $26,300 on May 12.

“The stock price of the largest U.S. crypto exchange, Coinbase Global, has fallen more than 75 percent this year.

“The collapse of these stable coins has wiped out more than $830 billion of the crypto sector’s total market value.

“It has a cascading effect across the hundreds of other projects built within the Terra ecosystem which includes non-fungible tokens (NFTs), and decentralised finance (Defi) platforms, driving them to a bearish trend as well.”

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