resumed Cryptocurrency Bitcoin Its decline today, Thursday, fell more than 10% below $ 26,000, as it fell along with riskier assets such as technology stocks.
It also fell due to the collapse of the “Terra USD” currency, which is described as a stable currency, which lost its peg to the dollar this week.
Thus, the largest cryptocurrency, lost a third of its value in seven days.
Cryptocurrencies lost about $800 billion in market value in one month, according to Bloomberg, citing CoinMarketCap data.
The market witnessed massive selling from investors who wanted to reduce their positions in risky assets.
The market value of these currencies has become 1.4 trillion dollars, after it decreased from about 2.2 trillion dollars recorded on 2 April.
The market capitalization is also significantly lower than the peak recorded in early November last year at nearly 3 trillion.
Shadi Al-Zaeem, a journalist in Al-Arabiya, said that what is happening in the cryptocurrency market amounts to a major collapse or decline, which he described as somewhat “illogical.”
The leader added that if we go back to the basics and look at the size of the losses during the last 7 cryptocurrency sessions, we find that Bitcoin lost about 30% of its value.
He explained that the Luna currency lost about 99% of its value during the past 7 sessions, noting that this currency is one of the 10 largest currencies that were present in the cryptocurrency market.