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Ethereum joins crypto plunge: Second largest digital currency loses 20% of its value in 24 hours

Ethereum joins crypto plunge: Second largest digital currency loses 20% of its value in 24 hours 2

Ethereum joins the cryptocurrency plunge: Second largest digital currency loses 20% of its value in 24 hours as Coinbase warns customers they may lose ALL their money

  • Ethereum has plunged 20 per cent in 24 hours as part of the latest crypto crash
  • Bitcoin has also plunged 11.24 per cent as investors suffer heavy losses
  • Even so-called ‘stablecoins’ such as Luna have seen major losses 

The price of Ethereum, the second-largest digital coin, has plummeted in the last day during a major crash of the cryptocurrency market.

The cryptocurrency market is experiencing its latest large crash – but unlike crashes of recent years, this plunge seems to be linked to a slowdown in traditional markets. 

Having traded as high as £1984.76 yesterday, the price has now hit £1425.60 – losing more than 20 per cent of its value in just a day.

Ethereum joins crypto plunge: Second largest digital currency loses 20% of its value in 24 hours 3

Bitcoin, the most-famous cryptocurrency, has lost 11.24% of its value to now sell for £21,910.97 – after hitting an all-time high of £56,330 just six months ago.

Nearly all of the value of Terra (LUNA), a stablecoin, was wiped out overnight with suicide hotlines pinned to the currency’s Reddit page as a result of the 98 per cent drop.

LUNA was once in the top-10 values for cryptocurrencies just months ago. 

Stablecoins are supposedly less volatile cryptocurrencies which are pegged to real-world currencies such as the dollar – but UST (the stablecoin behind LUNA) lost its peg to the dollar on Tuesday and has crashed as a result. 

The NASDAQ experienced its sharpest one-day fall since June 2020 earlier this week and the crypto hit implies an increasing integration between crypto and traditional markets.

The crypto downturn has wiped more than $1.5trillion dollars of value from the markets but investors will still be hoping that prices will be able to rally as they have done in the past. 

More to follow… 

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