$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus By Cointelegraph

$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus

Cryptocurrency May 16, 2022 07:00AM ET

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$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus

The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007 subprime mortgage market crisis — around $1.3 trillion, which has prompted fears that creaking crypto market risk will spill over across traditional markets, hurting stocks and bonds alike.

Crypto market capitalization weekly chart. Source: TradingView

A massive move lower from $69,000 in November 2021 to around $24,300 in May 2022 in Bitcoin’s (BTC) price has caused a selloff frenzy across the crypto market.

UST/USD daily price chart. Source: TradingView

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US 30	30,900.0	-67.8	-0.22%
US 500	3,825.3	-6.1	-0.16%
Dow Jones	30,967.82	-129.44	-0.42%
S&P 500	3,831.39	+6.06	+0.16%
Nasdaq	11,322.24	+194.39	+1.75%
S&P 500 VIX	27.54	+0.01	+0.04%
Dollar Index	106.265	-0.055	-0.05%

Crude Oil WTI	99.78	+0.28	+0.28%
Brent Oil	103.72	+0.95	+0.92%
Natural Gas	5.568	+0.114	+2.09%
Gold	1,768.35	+4.45	+0.25%
Silver	19.100	-0.021	-0.11%
Copper	3.3668	-0.0612	-1.79%
US Soybeans	1,437.50	-6.25	-0.43%

SPDR S&P 500	381.96	+0.72	+0.19%
iShares Russell 2000	172.83	+1.42	+0.83%
Invesco QQQ Trust	286.96	+4.83	+1.71%
Direxion Daily Junior Gold Miners Bull 2X Shares	31.45	-3.99	-11.26%
iShares Silver	17.73	-0.58	-3.17%
ProShares Ultra VIX Short-Term Futures	14.01	+0.02	+0.14%
ProShares UltraPro QQQ	25.65	+1.26	+5.17%

Apple	141.56	+2.63	+1.89%
Alphabet A	2,265.26	+90.51	+4.16%
Tesla	699.20	+17.41	+2.55%
Amazon.com	113.50	+3.94	+3.60%
Netflix	185.88	+5.93	+3.30%
Meta Platforms	168.19	+8.16	+5.10%
Bank of America	31.24	-0.32	-1.01%

$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus

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