'Stablecoin' collapse crushes crypto

STORY: Bitcoin is set for a record seventh consecutive weekly loss, as the collapse of a leading stablecoin and concerns about inflation continue to crush markets.

The world's most established cryptocurrency is trading well below levels from just a week ago.

And Stablecoins which are supposed to be pegged to the dollar and offer a safe haven for investors are also faltering.

TerraUSD's complex algorithmic mechanism to keep it level with the dollar failed and its value plunged.

Tether, the biggest stablecoin and one backed by traditional assets, has also felt the pressure.

It fell to 95 cents on Thursday.

The global market value of cryptocurrencies have roughly halved since November.

If traders keep selling, there are concerns the panic could spill over into money markets.

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