![]() There could be several explanations for this. Data by Arcane Research showed the 90-day correlation between Bitcoin and the S&P 500 reached an all-time high in March. ![]() Second, Bitcoin and other cryptocurrencies have been found to be correlated to other risk assets, such as stocks. This had direct downward pressure on the price of Bitcoin. First, when the Terra peg broke, Luna Foundation Guard traded 52,189 bitcoins in an effort to support the peg. There are at least two important points here. There are different theories about what happened with UST last week, but essentially, UST dipped below $1, and neither the Terra protocol algorithm (which maintains the mathematical relationship with Luna) nor lending out of the Luna Foundation Guard (an organization that supports Terra) could bring the value of UST back to $1. Rather, it was backed by an on-blockchain algorithm that facilitates changes in supply and demand between the stablecoin and a cryptocurrency that was created to help maintain the stablecoin peg, called a ‘native token.’ In this case, the native token of Terra was called Luna. UST is an algorithmic stablecoin, which means it was not backed by U.S. Reserve-backed stablecoins maintain reserve assets, such as cash, T-bills, or commercial paper.Īt the center of the past weeks’ crypto crash was UST. USDC is managed by a consortium that was founded by a company called Circle, based in Boston. For example, USDC is one reserve-backed stablecoin, pegged one to one with $1. Reserve-backed stablecoins offer one-to-one redemption for the U.S. There are many types of stablecoins, including reserve-backed stablecoins and algorithmic stablecoins. Stablecoins are a cryptocurrency whose value purports to be pegged to an asset considered to be stable, such as the U.S. In order to answer this question, it’s important to first understand what a stablecoin is. This is because crypto prices can vary slightly across providers, so using a single source for this information is very important.What happened with the crypto market and how long can this volitilty last? This page doesn’t just track the latest prices of cryptocurrency though - it also has all the latest news about cryptocurrency that you can read in one place, so that you don’t just know what is happening with your investments, but also why, and can make intelligent and informed choices.Īll data for the values is being sourced from CoinMarketCap, BuyUcoin, Binance, a trusted and popular platform to trade cryptocurrency. In the last day, its value has changed 1.30%, moving from ₹39.94 to ₹40.47. Ripple, or XRP, is another hugely popular token, with a market cap of ₹2.1T. In the same time, Litecoin (LTC) moved up from ₹6,319.21 to ₹6,339.52, a change of 0.32%, with a market cap of ₹463.9B. Over the last 24 hours, Ether (ETH), the currency for the Ethereum network, went from ₹1,41,565 to ₹1,41,787, with a market cap of ₹17.1T. It is now priced at ₹5.10, down from ₹5.55, a change of 0.95% in 24-hours. Other cryptocurrencies are also now strong investment options and the Shiba Inu-themed Dogecoin, whose symbol is DOGE, which was initially created as a joke, is now one of the best known tokens. It was priced at ₹21,64,748, according to CoinMarketCap, and is now at ₹21,92,360. ![]() Even looking at only the most well-known crypto tokens such as Bitcoin, Ether (not to be confused with the Ethereum network for which it is the native token), Dogecoin, Litecoin and Ripple, there has been a lot of movement in their value.īitcoin is the oldest and most well-known crypto token that you can buy, and in the last 24-hours, its value has changed by 1.28%. The pricing of cryptocurrency changes very frequently and remains highly volatile. A daily roundup of news and information about Bitcoin, Ethereum, Dogecoin and more, this page has everything you need to know about cryptocurrency.
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