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Bitcoin news – live: Crypto prices collapse with Tether latest ‘stablecoin’ to suffer

Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since December 2020 before rallying slightly.

The cryptocurrency has lost more than 50 per cent of its value over the last six months amid a market-wide downturn that has wiped more than $1.5 trillion from the overall crypto market.

BTC fell to a low of about $25,000 on Thursday, and even though it rose again later it was still down 17 per cent on its value a week ago. Ethereum is down nearly one-quarter on last week’s value.

Fear shook the market this week after the Terra (LUNA) cryptocurrency fell by more than 99 per cent overnight, and the wider crash has pushed another stablecoin, Tether, below its dollar peg.

You can follow all the latest news, analysis and expert price predictions for bitcoin, as well as other leading cryptocurrencies like Ethereum (ETH), Solana (SOL) and Cardano (ADA), right here.

Xural.com

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