The most popular coins have lost double-digit percentages over the past 24 hours. There is no one who knows when the market of fake digital money will bottom out, with many people worried that the entire market could go to zero, as the stable coin Tether traded below $1 for the first time ever early Thursday.
Over the past day, the most popular currency in the world is down 11.2% and is currently sitting at $27,959, which is roughly 42% lower than its all-time high of $69,000 in November. In the past 24 hours, the price of ether has fallen by 19.9%.
The culprit for the bloodbath was a chain reaction that started over the weekend when TerraUSD, which is supposed to stay at $1, began trading below a dollar. Stable coins are backed by real assets and aren't just Monopoly money. Despite investigative reporters finding it to be a game of smoke and mirrors, at least that was the promise.
The most popular stable coin, tether, was depegged for the first time early Thursday, dipping to $0.95 on major exchanges before recovering slightly to $0.98 as of this writing. The utility of a stable coin is completely destroyed because it isn't worth $1 and so speculators rush in and try to make money by buying tethers at a cheaper price. The kind of volatility that you already have with cryptocurrencies doesn't help people looking for a safe haven asset that can be used to convert to fiat.
Terra's Luna, the fourth most popular coin in the world as of early Monday, has plummeted 98% in the past 24 hours. Just a week ago, it was worth over $87 and early Monday it was over $54. Gizmodo could not independently verify any of the stories about people losing their life savings in the Luna collapse, but they have popped up on social media sites.
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BNB is down 18% over the past 24 hours to $254.45, XRP is down 28% to $0.36, Cardano is down 32% to $0.44, and Solana is down 33% to $43.14. Dogecoin is down 29% over the past day to $0.07.
If you invested $100 in any of the most popular cryptocurrencies six months ago, you're down a lot of money. If you listened to Matt Damon in his Super Bowl commercial, he insisted that "Fortune favors the brave" and you're probably kicking yourself.
There are a few things to look out for as the market collapses. First and foremost, look for exchanges to stop allowing people to withdraw money in the name of scheduled maintenance this morning. Until 9:30 a.m. There is an hour.
When the price goes up, it's fun and lucrative for the big boys, but when it goes down, it's not. The average casino patron is not at the forefront of their thoughts.
That is just one expert's opinion. How low can it go? No one can say for sure. It's probably a good idea to at least wait to see what happens with Tether in the coming days and weeks. The experts warn that a collapse of Tether could cause the value of the currency to plummet. If that theory pans out, we might get to see it.
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