Cryptocurrency markets crash further, Bitcoin below $30,000 

Cryptocurrency markets crash further, Bitcoin below $30,000 

Global market cap slides down to $1.40 trillion, while majority of the top tokens bleed red. 

Cryptocurrency markets have further crashed in the last 24 hours. The global market cap is down by a whopping 9.83 per cent in the last 24 hours and is at $1.40 trillion as of 7:50 AM IST, CoinMarketCap data showed.

Bitcoin is down by a significant 8.54 per cent after breaking support levels and is trading at $31,008, less than half from its all-time high which was close to $69,000. The cryptocurrency fell below $30,000 during early hours of Tuesday but has now recovered.

Ethereum also showed major downtrend and is at $ 2,317 after sliding down 7.06 per cent.

The USDT Tether and the USDC showed 0.02 percent uptrend in their value in the last 24 hours. It is noteworthy to mention that both these tokens are stablecoins.

The BNB token has also witnessed huge downtrend. The token fell 12.78 per cent.

Solana's SOL token also fell greatly. The token was down by 14.77 per cent.

XRP Ripple is also down by 11.88 per cent in the last 24 hours. 

The ADA token showed 14.17 per cent downtrend.

Binance USD became the ninth most valuable token amid the crash. It is up 0.08 percent in the last 24 hours.

Terra USD also had an astronomical drop after its depeg from the US Dollar. The token is down 21.40 percent.

Overall, the major top tokens slid drastically down from their positions in the last 24 hours and many cryptocurrency tokens also crashed below support levels.

In other news, the UST stablecoin was depegged from the USD causing a major drop in its value. The Luna Foundation Guard has announced that they would issue $1.5 billion in loans to help stabilise the UST stablecoin.

Capitalising on the dip in cryptocurrency markets, El Salvador's President Nayib Bukele announced that the country has purchased an additional 500 Bitcoin after paying $15,372,000.

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

Also Read: What is Blockchain? How is it used in cryptocurrency?  - BusinessToday

Designed by Pragati Srivastava

Published on: May 10, 2022, 8:44 AM IST
Posted by: aakanksha chaturvedi, May 10, 2022, 8:36 AM IST