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Cryptocurrencies

Cryptocurrency losses top $275bn in a single day as instability spreads

Investors flee digital assets after collapse of popular 'stablecoin'

A crisis of confidence among crypto investors has been spreading since the weekend, when TerraUSD became unmoored from the U.S. dollar, which it was supposed to be shadowing. (Source photos by AP and screenshot from Terra's website) 

TOKYO -- More than $275 billion has been wiped off the value of the global crypto market in the space of 24 hours, after the collapse of a cryptocurrency that was supposed to be pegged to the U.S. dollar sparked mayhem.

As of Thursday afternoon in Asia, the total market capitalization of global cryptocurrency was $1.14 trillion, down more than 19% on the same time Wednesday, according to CoinMarketCap. Dozens of digital coins lost a quarter or more of their value, and even bitcoin, the largest and oldest cryptocurrency, was down 14%.

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