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Cryptocurrencies stabilise, bitcoin rallies after stablecoin collapse

Crypto assets have been swept up in broad selling of risky investments on worries about high inflation and rising interest rates.

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Bitcoin recovers from a 16-month low.

Reuters Hong Kong/ London/ New York

4 min read Last Updated : Jan 30 2023 | 3:00 PM IST

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Cryptocurrencies steadied on Friday, with bitcoin recovering from a 16-month low after a volatile week dominated by the collapse in value of TerraUSD, a so-called stablecoin.

Crypto assets have been swept up in broad selling of risky investments on worries about high inflation and rising interest rates. But broader financial markets have so far seen little knock-on effect from the cryptocurrency crash. "Crypto is still tiny and crypto integration within broader financial markets is still infinitesimally small," said James Malcolm, head of FX strategy at UBS.

Ratings agency Fitch said in a note on Thursday that weak links to regulated

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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