New Delhi: The cryptocurrency market is struggling to bounce back as prices of all major crypto coins have dipped considerably throughout the week. The latest victim appears to be Tether (USDT), which is generally known for its relative stability. On May 12, Tether price dipped below its dollar peg. As per CoinMarketCap data, Tether price stood at $0.9976 at the time of writing. On Indian exchange WazirX, Tether price stood at Rs 82.35. Tether is the third-largest crypto in the world, right behind Bitcoin (BTC) and Ethereum (ETH).
Crypto crash: Global market cap today
As per CoinMarketCap, the global crypto market cap currently stands at $1.29 trillion, registering an increase of 8.05 percent over 24 hours. However, this is still less than half of where it stood last year in November.
Crypto crash: BTC, ETH price today
On May 13, Bitcoin price stood at $30,429.16, as per CoinMarketCap, It registered a 24-hour gain of 9.36 percent, and a seven-day dip of 16.37 percent. As per WazirX, BTC price in India stood at Rs 25.04 lakhs at the time of writing.
Ethereum price, on the other hand, stood at $2,076.12. It registered a 24-hour gain of 7.24 percent and a seven-day dip of 24.19 percent. ETH price in India stood at Rs 1.72 lakhs.
Crypto crash: Why did Tether price dip?
Tether is a reserve-backed stablecoin, which is generally pegged 1:1 to the US dollar. However, USDT price crashed to as low as $0.95 late on Thursday, before recovering to $0.99 on Friday morning.
It is largely believed that the recent ‘de-pegging’ of TerraUSD (UST) stablecoin has led to the overall market dip. Over the past few days, Terra Luna (LUNA) investors were wiped out of 95 percent of their wealth.
LUNA price today stood at $0.003693 at the time of writing, as per CoinMarketCap. Over the past 24 hours, LUNA is down 98.53 percent. UST, on the other hand, is still below its dollar peg. UST price today stood at $0.1754, registering a 24-hour loss of 74.24 percent.
Going by historical trends, the crypto market usually bounces back strong after seeing a dip. Given the overall plunge seen by major cryptos, it can be speculated that the overall market might manage to land in the greens in the future, although an exact timeline is uncertain.