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Tether (USDT) Price Crash News: 3rd largest crypto price drops 5% amid Terra (LUNA), UST debacle

Tether (USDT) Price News today: Amid Terra and UST debacles, the price of third largest crypto, and one of the most used stablecoins worldwide, Tether (USDT) gave another scare to crypto investors on Thursday as its price dropped around 5 per cent.

Tether (USDT) Price Crash News: 3rd largest crypto price drops 5% amid Terra (LUNA), UST debacle
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Tether (USDT) Price News today: Amid Terra and UST debacles, the price of third largest crypto, and one of the most used stablecoins worldwide, Tether (USDT) gave another scare to crypto investors on Thursday as its price dropped around 5 per cent.

USDT price fell to $0.95 at around 12.49 pm, data on CoinmarketCap shows. Just a day before, USDT was happily trading at around $1.

At the time of writing this report, Tether price was $0.98, down 1.8 per cent from its value 24 hours ago.

USDT is currently the third largest crypto in terms of market capitalisation behind only Bitcoin (BTC) and Ethereum (ETH). The crypto following USDT in the top 10 list is another stable coin named USD Coin (USDC). Amid the ongoing crypto market crash, there has been a lot of changes in the list of top 10 cryptos by market cap.

ALSO READ | Why terra, Luna Price Fell

Unlike UST and USDT, prices of other stable coins remains stable and ini the green. In fact, the price of Binance USD (BUSD) has increased by 1.2% in the last 24 hours while USDC is up 0.43% in the same period.

Source: CoinMarketCap

Meanwhile, the price of TerraUSD(UST) stablecoin has fallen massively in the last two days. At the time of writing this, UST price was $0.5717. UST is now ranked 13th in terms of market capitalisation on the CoinMarketCap website.

The price another crypto from Terra family – Luna – has almost become negligible within two-three days.

Terra (Luna) price has dropped 99.9% in the last seven days to $0.08153. Meanwhile, LUNA’s ranking has dropped to 89th (Read more about Terra, Luna).

ALSO READ | Crypto Crash Updates on May 12

Meanwhile, prices of other top cryptos including Bitcoin, Ethereum Solana, BNB, XRP, Cardano etc. have fallen to new lows. Bitcoin price has fallen 11.29% to $28,000 in the last 24 hours while Ethereum is down 20.8% to $1914.

(Cryptos and other virtual digital assets are unregulated in India. Please consult your financial advisor before investing in these so-called assets)

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First published on: 12-05-2022 at 15:35 IST