Bitcoin slips back below $30,000 as European regulators renew crypto warnings after Terra Luna crash

Cryptocurrencies resumed their slide on Monday, giving up the gains they had eked out over the weekend as regulators continued to circle.

European officials reiterated warnings of risks posed by cryptocurrencies.

Bitcoin fell 5 per cent to around $29,700 (€28,500) on Monday in Asian trade, sliding alongside stocks because of worries about high inflation and rising interest rates.


The world's largest cryptocurrency has lost around a fifth of its value so far this month, as the spectacular collapse of TerraUSD, a so-called stablecoin, has roiled crypto markets already falling amid a broad selling of risky investments.

Terra Luna stablecoin collapse explained: Is this the 2008 financial crash moment of cryptocurrency?

TerraUSD, which broke its 1:1 peg to the dollar last week and is currently trading near $0.14 cents (€0.13), according to price site coingecko, has drawn particular attention to stablecoins and the important role they play in the crypto syste






 

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