The giant crypto crash has pulled the cryptocurrency market at stake. The market capitalization plunged below $1 trillion on Wednesday which was $3 trillion in November, last year.
The market volatility is constantly increasing and investors are frightened thinking about their risky assets. And they are feeling like a crisis in near future.
As a result, Celsius Network halted its customer withdrawls and the Bitcoin and other cryptocurrencies tumbled. The cryptocurrency companies like Coinbase, Gemini, BlockFi started customer layoffs as the coin prices started plummeting.
This crypto crisis is not like the previous one. In 2018, the Bitcoin’s value downed by 80 per cent. Though it recovered and the it’s value started setting the new highs.
This crisis was triggered two weeks ago when Luna’s sister currency, the stablecoin TerraUST, lost its peg to the US currency. Its value drived down to amost zero from around $20 billion in just a few days. This event turned the investors into victims.