Like the overall market, it is down 56% from its all-time high. Mark Haefele, chief investment officer at UBS global wealth management, says: “As the monetary regime that fuelled the crypto rally unwinds, we think investors should avoid trying to call a bottom on these highly speculative assets.”īitcoin, which was worth $46,000 at the start of this year, fell to $26,600 at one point last week, before edging back up to $29,700 on Monday. Mark Haefele, UBS global wealth management By Sunday, it stood at just $1.8 billion. Terra’s UST had a market cap of $18 billion on May 9. They stand in comparison with the JPMorgan prime money market fund (MMF), the largest such fund, with $70 billion of assets under management at the start of this year. The two biggest are Tether (USDT), with a market cap today of $76 billion, and Circle’s USDC, with a market cap of $51 billion. Stablecoin chips are essential to the whole crypto game. If investors have anything left at the end of the daily spree, they should at least be able to take their few remaining dollar stablecoins back to the house and exchange them one-for-one into real dollars again. UST, for example, as part of the Terra ecosystem, was often staked in the Anchor protocol promising investors a 20% yield, which, to the cautious, may have sounded almost too good to be true. If the big stablecoins can maintain users’ faith and not have to sell collateral, then spillover from the latest crypto panic into real financial markets may yet be quite limited
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