1 Bitcoin BTCUSD, -3.57% plunged 7% to as low as $29,100 Wednesday, the lowest level since June 2021. The cryptocurrency lost almost $2,500 during the past hour, while it is down about 58% from its all-time high in November, according to CoinDesk data. Ether ETHUSD, -6.50% declined 8% to as low as $2,127. Investors are watching the rescue plan to be conducted to support a so-called algorithmic stablecoin TerraUSD, which fell to as low as 23 cents on the dollar on Wednesday, before it rebounded to around 33 cents. The battered S&P 500 index is not pricing in a recession, according to DataTrek Research.
Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.