China’s cryptocurrency ban: What it means for Bitcoin, Coinbase and the US

May 12 (Reuters) – A meltdown in one of the world’s largest stablecoins, TerraUSD, sent shockwaves through cryptocurrency markets on Thursday, wiping out bitcoin’s 2021 gains and sending it to a 16-month low. The meltdown has taken the combined market value of all cryptocurrencies to $1.12 trillion, around a third of where it was last November. May 12 (Reuters) – A meltdown in one of the world’s largest stablecoins, TerraUSD, sent shockwaves through cryptocurrency markets on Thursday, wiping out bitcoin’s 2021 gains and sending it to a 16-month low.

The meltdown has taken the combined market value of all cryptocurrencies to $1.12 trillion, around a third of where it was last November. Unlike other stablecoins that have reserves in traditional assets, TerraUSD maintains its peg through an algorithm that moderates supply and demand in a complex process involving the use of another balancing token, Luna. Bitcoin mining is a process in which powerful computers work out a complex computing problem. There’s a strong incentive in cryptocurrency mining to have the most powerful machines, in order to solve the problems first, but also the most efficient, since electrical power costs can be heavy.

Once calculations are complete, the first party responsible for the solution is compensated with a newly minted bitcoin. TerraUSD, a so-called algorithmic stablecoin that is currently the fourth-largest by market capitalisation, on Tuesday broke its 1:1 peg to the dollar and fell as low as $0.67, according to price site Coingecko. DETROIT (AP) – Elon Musk has put his plan to buy Twitter on temporary hold, raising fresh doubts about whether he´ll proceed with the $44 billion acquisition.

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crude oil futures settled 42 cents higher at $106.13 a barrel. After swinging between negative and positive territory throughout the trading day, Brent crude futures settled 6 cents lower at $107.45 a barrel and U.S. NEW YORK, May 16 (Reuters) – American and European equity markets wobbled and U.S. Treasury yields fell on Monday after unexpectedly weak economic data from China and a BetOnline BET BIG slide in New York state’s factory activity painted a bleak picture for economic growth across the world.

Ms Bowler said the crypto fall is both reflective of what’s happening in the global markets more broadly and ‘also tied to the increase in interest rates we’ve seen in the US and all the other major economies’.

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