Crypto Market Plunges More Than $200B in 1 Day

June 13, 2022 Carrie Mihalcik bitcoin, dash

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    Several major cryptocurrencies, including bitcoin and ether, have experienced a large sell-off over the last 24 hours, wiping more than $200 billion from the total market cap as of Thursday, according to data from price-tracking site CoinMarketCap.?
    The broad plunge continues a monthslong downward trend, likely driven by?rising inflation, economic concerns related to the war in Ukraine?and a corresponding drop in major stock market indices.?
    The change over last 24 hours has also been attributed to?the collapse of terraUSD, one of the largest stablecoins. TerraUSD?lost about 30% of its value?earlier this week and dropped to approximately 40 cents per coin as of Thursday afternoon. A stablecoin’s value isn’t supposed to fluctuate or dip below $1.?
    On Monday, the price of bitcoin, one of the most popular cryptocurrencies, also fell below $30,000 for the first time since July 20, 2021.

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