Bitcoin at 16-Month Low as UST Collapse Shows Risks of ‘Algo’ Stablecoins

Bitcoin ( $63,875.00 ) , the largest cryptocurrency by market capitalization, was recently trading at $28,500, down about 7%, although it fared better than most other major cryptos, underscoring its status as a less risky option during tumultuous times for the wider digital assets market. Ether, the second-largest crypto by market cap, was also off, declining approximately 11% over the same period, to roughly $2,050.