Crypto Market in Tumultuous Waters
Binance Halts Trading Amidst Market Collapse
The global cryptocurrency market is experiencing a severe downturn, leading to a sharp decline in the value of various digital assets. Binance, the world's largest cryptocurrency exchange, has temporarily halted all trading due to the ongoing market volatility.
Stablecoin Collapse exacerbates Market Instability
The collapse of TerraUSD (UST), a cryptocurrency promoted as a stablecoin pegged to the US dollar, has further destabilized the crypto market. The loss of confidence in UST has triggered a broader sell-off and fueled fears about the stability of other cryptocurrencies.
Bitcoin's Plunge Accelerates Downtrend
Bitcoin, the most prominent cryptocurrency, has plummeted by more than half since reaching its peak in November 2021. Its sharp decline on Wednesday was a continuation of an ongoing downtrend that has seen it lose over 50% of its value in recent months.
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