Bitcoin tumbles, a stablecoin plunges in wild week in crypto

Published May 13, 2022 11:44 am

By MATT OTT and KEN SWEET
AP Business Writers

NEW YORK (AP) — It’s been a wild week in crypto, even by crypto standards. Bitcoin tumbled, stablecoins were anything but stable and one of the crypto industry’s highest-profile companies lost a third of its market value. On Friday, bitcoin traded around $30,000 after earlier in the week falling to the lowest level since December 2020. Investors have been selling bitcoin along with other risky assets as the Federal Reserve raises interest rates. Meanwhile, a popular stablecoin called Terra lost its peg to the dollar and plunged to 14 cents. The cryptocurrency trading platform Coinbase lost about a third of its market value.

Article Topic Follows: AP National Business

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