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Bitcoin's 2021 gains wiped out in stablecoin rout

By Alun John and Elizabeth Howcroft HONG KONG (Reuters) -Cryptocurrencies extended their sell-off on Thursday, with Bitcoin falling to its lowest levels in 16 months as a stampede...
Bitcoin's 2021 gains wiped out in stablecoin rout © Reuters. FILE PHOTO: A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic

By Alun John and Elizabeth Howcroft

HONG KONG (Reuters) -Cryptocurrencies extended their sell-off on Thursday, with Bitcoin falling to its lowest levels in 16 months as a stampede out of so-called stablecoins sent shockwaves around broader markets.

The latest blow to Bitcoin and its smaller rival Ether, which has shed more than half its market value so far this year, came from a meltdown this week in TerraUSD, also one of the world's biggest cryptocurrencies.

Bitcoin dropped to a low of $25,401.05, its lowest level since Dec. 28, 2020. In the past eight sessions, it has lost a third of its value, or $13,000, and is down more than 45% so far this year

From a peak of $69,000 in November 2021, it has lost nearly two-thirds of its value.

TerraUSD, also known as "UST", slipped below its 1:1 peg to the dollar this week, roiling cryptocurrency markets already under pressure alongside tumbling stock markets.

"The collapse of the Peg in TerraUSD has had some nasty and predictable spillovers. We have seen broad liquidation in BTC, ETH and most ALT coins," said Richard Usher, head of OTC trading at BCB Group, adding that the moves are reminiscent of the bank runs during the 2008 financial crisis.

Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar. They are popular in times of turmoil in crypto markets and are often used by traders to move funds around and speculate on other cryptocurrencies.

On Thursday, TerraUSD was quoted around 50 cents, according to CoinGecko price data.

Unlike most stablecoins which are backed by reserves, TerraUSD is an algorithmic, or "decentralised", stablecoin. It was supposed to maintain its peg via a complex mechanism which involved swapping it with another free-floating token.

But even reserve-backed stablecoins, which say they have sufficient assets to maintain their pegs, were showing signs of stress on Thursday.

Major stablecoin Tether slipped below its dollar peg, hitting as low as 98 cents around 0732 GMT on Thursday, according to CoinGecko. USD Coin was trading at around $1.04 while Binance USD was at $1.07 - a significant breakout of its usual range.

"The Terra incident is causing an industry-based panic, as Terra is the world's third-biggest stable coin," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. But TerraUSD "couldn't hold its promise to maintain a stable value in terms of U.S. dollars."

Market players are still assessing the fallout of the collapse of TerraUSD to identify whether major companies or investors have been badly hurt. That would be a possible clue to wider contagion.

Ether, the world's second-largest cryptocurrency, tumbled nearly 15% on Thursday to $1,700, its lowest since June 2021.

Unlike previous sell-offs in broad financial markets, when cryptocurrencies have been largely untouched, the selling pressure in these assets this time has undermined the broader argument that they are dependable stores of value amid market volatility.

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24-05-2022 02:49:34 (UTC+7)

EUR/USD

1.0688

+0.0128 (+1.21%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0688

+0.0128 (+1.21%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2579

+0.0092 (+0.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/JPY

127.86

0.01 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7100

+0.0067 (+0.95%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.2781

-0.0054 (-0.42%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (10)

Sell (0)

EUR/JPY

136.65

+1.64 (+1.21%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

EUR/CHF

1.0327

+0.0031 (+0.30%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Gold Futures

1,852.94

+10.84 (+0.59%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (4)

Silver Futures

21.766

+0.092 (+0.42%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

Copper Futures

4.3370

+0.0620 (+1.45%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

Crude Oil WTI Futures

110.40

+0.12 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (0)

Brent Oil Futures

110.75

+0.76 (+0.69%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

Natural Gas Futures

8.855

+0.677 (+8.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

215.58

-0.27 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,708.39

+51.36 (+1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

S&P 500

3,957.88

+56.52 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

14,175.40

+193.49 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,513.44

+123.46 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

20,470.06

-247.18 (-1.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

US Small Cap 2000

1,785.20

+16.85 (+0.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

IBEX 35

8,625.80

+141.30 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

49.735

+0.885 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.47

+0.73 (+1.15%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.38

+3.80 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Adidas AG

175.48

+2.68 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.903

+0.051 (+0.74%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Siemens AG Class N

116.70

+1.62 (+1.41%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.018

+0.656 (+7.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0688Sell
 GBP/USD1.2579↑ Buy
 USD/JPY127.86↑ Sell
 AUD/USD0.7100↑ Sell
 USD/CAD1.2781↑ Buy
 EUR/JPY136.65↑ Sell
 EUR/CHF1.0327↑ Sell
 Gold1,852.94Neutral
 Silver21.766↑ Sell
 Copper4.3370Neutral
 Crude Oil WTI110.40↑ Buy
 Brent Oil110.75↑ Buy
 Natural Gas8.855↑ Buy
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,957.88↑ Sell
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,785.20↑ Sell
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(0/ 0) # 1,765
SJC HCM6,905/ 6,995
(0/ 0) # 1,769
SJC Hanoi6,905/ 6,997
(0/ 0) # 1,771
SJC Danang6,905/ 6,997
(0/ 0) # 1,771
SJC Nhatrang6,905/ 6,997
(0/ 0) # 1,771
SJC Cantho6,905/ 6,997
(0/ 0) # 1,771
Cập nhật 24-05-2022 02:49:36
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ↀ Giá vàng thế giới
$1,853.76+7.940.43%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$110.42+0.110.10%
Brent$113.32-0.34-0.30%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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