Why is the value of crytocurrency falling worldwide?
According to website Coin Market Cap a bitcoin is now worth 27 27,000, its lowest value since 2020. Last year a bitcoin cost about ً 70,000.
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Etherm second largest coin in value has lost 20% in last 24 hours.
Economist Francis Coppola says the collapse of the Terra Luna USD has created panic as large financial institutions have sold large portions of their assets & everyone else is trying to get their money out as soon as possible. We are trying.
There's really panic here.
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Founder of Terra Farm Labs company behind Terra USD and Terra Luna tweeted: I understand that the last 72 hours have been very difficult for you all. I will work with all of you to get out of this crisis & we will find a way out of it.
Terra Farm Labs' Discard Server a platform where investors get together & discuss various issues posted a notice saying Uncertainty & misinformation could not-be spread.
Crash crytocurrency : Paolo Ardonio Tedder's chief technology officer assured those holding the currency on Twitter that the company had cash reserves to pay everyone.
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Strong legislation
Legislators and authorities around the world are pushing for legislation on stable coin.
US Secretary of Treasury Janet Yellen referring to the collapse of the Terra USD in Senate Standing Committee on Tuesday stressed need 4 strong legislation.
This makes it clear that this is a rapidly growing thing & that there are concerns about financial stability he said. That is why we need such an appropriate framework.
A report from US Treasury Department last month outlined plans for legislation on stable coins. The report also predicted that it could become a broad source of payment.
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