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4 things to know as cryptocurrencies such as Bitcoin (and stablecoins) melt down

Added 05-14-22 05:07:02am EST - “Bitcoin and other cryptocurrencies are being caught up in the storm impacting all kinds of markets, including stocks. The plunge in a type of crypto called TerraUSD is raising special concern.” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “4 things to know as cryptocurrencies such as Bitcoin (and stablecoins) melt down”. Below is an excerpt from the article.

A Bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. Crypto such as Bitcoin have tumbled in recent days as part of a storm hitting all kinds of markets. Marco Bello/Getty Images hide caption

A Bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in Miami on April 8. Crypto such as Bitcoin have tumbled in recent days as part of a storm hitting all kinds of markets.

Bitcoin and other cryptocurrencies surged during the pandemic, turning many amateur investors into millionaires, on paper at least. Bitcoin, for example hit to an all-time of nearly $68,000 in November.

Today, it's trading at less than half that amount as part of an intense sell-off that has accelerated in recent weeks.

It's been even worse for an area of cryptocurrencies called stablecoins, in particular one called TerraUSD that has tumbled hard.

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