Cryptocurrency markets CRASH; Bitcoin at $28,500, Terra Luna down 95%

Cryptocurrency markets have crashed in the last 24 hours. The global market cap is down by 9.37 per cent in the last 24 hours and is at $1.27 trillion as of 7:45 AM IST, CoinMarketCap data showed.

Bitcoin is down by a whopping 5.13 per cent after breaking support levels and is trading at $29,269. The cryptocurrency fell to $28,500 during the early hours of Thursday. Ethereum also showed major downtrend and is at $ 2,100 after sliding down a whopping 10.08 per cent.

The USDT Tether showed no change with 0.34 per cent downtrend in its value in the last 24 hours, whereas the USDC stablecoins showed 0.08 per cent uptrend and surpassed BNB to become the fourth most valuable cryptocurrency.

The BNB token has gone down by a massive 14.07 per cent.

Solana fell by a significant 25.91 per cent.

XRP Ripple is also down by 19.43 per cent in the last 24 hours.

The ADA token showed 16.67 per cent downtrend.

Dogecoin crashed by 19.87 per cent.

Overall, the major top tokens slid drastically down from their positions in the last 24 hours.

Terra Luna crashed over 95 per cent and is trading at $0.8362.

Moreover, former Terra employees claim that the $UST founder Do Kwon was behind an earlier failed stablecoin project called Basis Cash.

Also, after several rumours about the issue, Blackrock and Citadel have denied trading with Terra's stablecoin $UST.

Also Read: What is Bitcoin mining? How does it work?  - BusinessToday

Also Read: What are Stablecoins, and why are they not falling amid crypto market crash? - BusinessToday