June 16 (Reuters) - Major cryptocurrency volatility has hit stablecoins, typically considered the market's safer-havens, with investors pulling money out of the sector and several losing the peg to their underlying assets.
The market capitalization of stablecoins had plummeted to $156.8 billion on Thursday, from around $181 billion at the start of May, CoinGecko data showed.
Tether , the world's largest stablecoin, briefly dropped to $0.993 on Wednesday, though it quickly regained parity with the dollar.
"Stablecoin market cap goes hand in hand with sentiment and liquidity in crypto markets, and it's slightly worrying that USDT appears to see another round of liquidations," crypto digital asset manager IDEG wrote in a note.
Digital asset markets are facing a perfect storm, reeling after crypto lender Celsius froze withdrawals and transfers between accounts on the heels of last month's demise of the terraUSD stablecoin, as well as global tightening of monetary conditions making...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...