Cryptocurrencies nursed large losses with Bitcoin set for a record losing streak as the collapse of TerraUSD, a so-called stablecoin, rippled through markets
"Over half of all bitcoin and ether traded on exchanges are versus a stablecoin, with USDT or Tether taking the largest share," analysts at Morgan Stanley said in a research note.
Tether's operating company says it has the necessary assets in Treasuries, cash, corporate bonds and other money-market products. Ratings agency Fitch said in a note on Thursday that there could be "significant negative repercussions" for cryptocurrencies and digital finance if investors lose confidence in stablecoins.
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