US finance minister panicked,volatile crypto market
Recently, the digital marketing world was shaken because the stock and crypto market prices fell drastically, the news reached the ears of the US Minister of Finance.
The last few days the price of crypto assets such as TerraUSD has continued to fall and has worried investors, regulators and even the US Treasury Secretary,Janet Yellen. Tether, a stable coin considered safe for investors,has even lost its peg against the US dollar. While the prince of Bitcoin fell to US $26,350.
In a report published by the FED earlier this month, the central bank said several major stablecoin players were dominating the market without full oversight. this triggers a loss of trust that can undermine the entire digital economy.
What has happened to crypto assets lately is not clear. TerraUSD first faltered last weekend. The value was US$ 0.23 on Wednesday before rising again for a while. At closing its value became US$ 0.58 which made the owner announce an emergency intervention.
Even US Economy Secretary Janet Yellen also commented on this condition. He is worried that this situation will cause further chaos for investors in all sectors. “The stablecoin known as TerrraUSD is depreciating in value. I think that just illustrates this is a rapidly growing product and there are risks to financial stability and we need the appropriate framework,”Yellen said.
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