Bitcoin at a 16-month low as the UST collapse shows a risk of ‘Algo’ stable coins

Bitcoin at a 16-month low as the UST collapse shows a risk of ‘Algo’ stable coins

Bitcoin, the largest cryptocurrency by market capitalization, recently traded at $ 28,500, down about 7%, although it fared better than most other major cryptocurrencies, highlighting its less risky option status during turbulent times for the wider digital asset market. Ether, the second largest cryptocurrency by market capitalization, also fell, falling by about 11% over the same period, to about $ 2,050.



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