First Mover Asia: Bitcoin’s 16-Month Low As UST Collapse Shows Risks For ‘Algo’ Stablecoins

Bitcoin, the largest cryptocurrency by market cap, recently traded at $28,500, down about 7%, but outperformed most other major cryptocurrencies and positioned itself as a less risky option during turbulent times in the broader digital asset market. emphasized. Ether, the second-largest cryptocurrency by market cap, also fell, down about 11% to around $2,050 during the same period.

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