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Major cryptocurrencies rebounded on Friday after a weeklong decline due to crypto selloff and crash of a major stablecoin.
The world’s largest cryptocurrency Bitcoin rose 4.85% to $29,925 on Friday, recovering from its lowest value since December 2020.
Ether, the second largest cryptocurrency in terms of market cap, rose 6.48% to $2,051.
Due to worries regarding high inflation and rising rates, the crypto market is in turmoil and face high selloff.
Stablecoins unstable the crypto market
According to CoinDesk, stablecoin TerraUSD fell to 10 cents on Friday, plunging over 80% in the last 24 hours. TerraUSD is considered to be relatively stable as it is pegged 1-to-1 to the US dollar.
As a result, the sister token of TerraUSD, Luna plunged to $0 on Friday which was once worth more than $100.
Crypto exchange Binance on late Thursday suspended trading of both TerraUSD and Luna. According to the companies, the digital tokens resumed trading on the exchange on Friday.
Picture Credits: Reuters
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