The cryptocurrency market has been on a downslide recently, with cryptos like Bitcoin (BTC) sliding 37% year-to-date. On Wednesday, the cryptocurrency dropped below $30,000. According to a News18 report, globally, the market capitalization of crypto on Wednesday was $1.29 trillion, a drop of 1.4% over the previous day. Last week, there was a ripple effect in the crypto market as the sister token of stablecoin TerraUSD, Luna, crashed to $0, effectively becoming worthless. TerraUSD is a stablecoin that is decentralized, runs on Ethereum, and is supposed to maintain a value of $1.00. According to a CNBC report, there is a link between UST and luna.
