The massive crypto crash continues today. For example, the Ethereum price has fallen by more than 20 percent in the past 24 hours. Bitcoin is also trading in dark red numbers. The price of 1 BTC is at around $26,630 at the time of writing. That is the lowest point since December 2020.
Bitcoin and Ethereum have lost 33% and 39% of their value respectively in the past 7 days. This week will go down in history as one of the worst weeks in the history of the crypto market.
A huge crypto crash
Perhaps the worst part is that the 33% drop in Bitcoin and 39% in Ethereum are certainly not the worst of the declines. Terra’s LUNA token has lost 99% of its value in the past week. This happened because the Terra USD stablecoin lost its peg to the dollar. The price of 1 LUNA token is still around USD 0.20. This while the same token was worth $115 just over a month ago.