The Crypto Report: Cryptocurrencies continue to tumble as investors get anxious over stable coins

Cryptocurrencies fell again with traders beginning to get nervous about the value of stable coins linked to the US dollar.

Bitcoin, the largest token by market cap, fell for the sixth consecutive day, losing 2.50% to US$31,430.

Ethereum lost 1.98%, also falling for the sixth consecutive day, with the coin changing hands at US$2,366.

According to Naeem Aslam, a market analyst at Avatrade, Bitcoin’s recent price battering is “mainly due to the fact that crypto traders are nervous about Terra’s US Terra (UST) peg with the dollar”.