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Crypto 'death spiral' shocks users, emboldens regulators

Collapse of TerraUSD stablecoin was the danger watchdogs had flagged

TerraUSD, also known as UST, had a market value of nearly $19 billion at its peak. (Source photos by AP and screenshot from CoinMarketCap's website) 

TOKYO -- The collapse of one of the largest cryptocurrencies, and plunging prices of dozens more, has shaken confidence in the crypto market. But there is one group of people whose confidence has only been strengthened: regulators.

Financial watchdogs the world over have been warning of building risks in cryptocurrency and have been handed ammunition to call for new powers to regulate the industry.

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