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Stablecoin Terra's broken dollar peg hits wider cryptocurrency markets
HONG KONG (Reuters) - TerraUSD, the world's fourth-biggest stablecoin, lost 33% of its worth on Tuesday, frightening digital money financial backers and halfway adding to bitcoin's tumble beneath $30,000 without precedent for a very long time. Stablecoins are computerized tokens fixed to the worth of conventional resources, like the U.S. dollar. They are well known as places of refuge in the midst of strife in crypto showcases and are a typical mode of trade, frequently utilized by brokers to move assets around and estimate on other digital currencies. TerraUSD, an alleged algorithmic stablecoin that is presently the fourth-biggest by market capitalisation, on Tuesday broke its 1:1 stake to the dollar and fell as low as $0.67, as per cost site Coingecko.