askST: Why did TerraUSD, Luna crash and what does it mean for crypto investors?

Crypto markets were shaken after the US Federal Reserve hiked interest rates on May 4 to curb inflation. PHOTO ILLUSTRATION: PEXELS
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SINGAPORE - The cryptocurrency market plunged on Thursday (May 12) as panicked traders dumped their holdings, including the high-profile Bitcoin.

The world's largest cryptocurrency fell 12 per cent to US$27,000 to bring its losses to almost 60 per cent since hitting a peak of US$65,000 last November.

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