Bitcoin tumbles, a stablecoin plunges in wild week in crypto
Companies, agencies, institutions, etc
AP
Bitcoin
CoinDesk
the Federal Reserve
Tesla
Terra
Anchor
Terra’s
Coinbase
Treasury
Federal Reserve Chair
Securities and Exchange Commission
Congress —
European Union
Economics
AP Technology
People
Ethereum
Elon Musk
Luna
COINBASECoinbase
Janet Yellen
Jerome Powell
Gary Gensler
Christopher Rugaber
Michael Liedtke
Groups
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Physical locations
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Places
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Locations
NEW YORK
U.S.
Terra Luna
Britain
Events
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Summary
NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards.Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value.Here’s a look at some major developments in cryptocurrencies this week: BITCOINThe price of bitcoin dropped to around $25,420 this week, its lowest level since December 2020, according to CoinDesk. Luna was the coin meant to be used in the ecosystem to buy and sell assets, and at its peak it was worth more than $100.Even though the developers of Terra said its algorithms would backstop the stablecoin, they decided to further backstop it with holdings of bitcoin.Terra’s problems started from a combination of withdrawals of hundreds of millions, perhaps billions, of dollars from Anchor, a platform that supported the stablecoin.
As said here by MATT OTT and KEN SWEET