More than $200 billion was wiped out from the cryptocurrency market Thursday, CNBC reports.

The contagion started with Terra, a stablecoin tied to the U.S. dollar. Stablecoins are intended to act as savings accounts to be among the safest bets among cryptos. Terra fell below 30 cents Wednesday, and rebounded to only 41 cents Thursday. Another stablecoin, Luna, plummeted to a mere 4 cents.

Tether, yet another stablecoin, also fell below its $1 peg, to 95 cents at one point Thursday.

The mother of all cryptocurrencies, Bitcoin, fell below $26,000 for the first time in 16 months, plunging to $25,401.29, according to Coin Metrics.

Ether, the second-biggest digital currency, dropped below $2,000 for the first time since June 2021, to $1,704.25.

Cryptocurrency investors are running for the exits, just as stock market investors are, on fears of continued high inflation in the U.S. and recession risks.