Cryptocurrency prices resumed a selloff, with bitcoin hovering below and above $30,000 and global equity markets under pressure. The world’s biggest and most popular fell more than a percent and was trading at $30,176. It is down 37% so far this year, and is trading below the November 2021 peak of $69,000.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, declined marginally to $2,061. Meanwhile, Dogecoin price was trading at $0.08 today, while the Shiba Inu also fell by almost a percentage point to $0.0000012.
The performance of other digital tokens was also trading with slight cuts in the prices of Solana, Cardano, Uniswap, Avalanche, Polygon, Stellar, Tron, XRP, Polkadot in the last 24 hours, however, Terra (Luna) extended losses. Continued because it had crashed. 32% to $0.00017.
Meanwhile, according to CoinGecko’s pricing, the value of the global crypto market today fell by almost 2% to $1.3 trillion in the past 24 hours. The total market cap of cryptocurrencies has dropped by about $350 billion in the past week.
The crypto world has been trampled by the rapid collapse of the TeraUSD stablecoin. The Tera blockchain was halted and then restarted twice in recent days, as the value of its main cryptocurrency, Luna, and the related TeraUSD (UST) stablecoin collapsed following a wave of selling pressure.
The cryptocurrency has swept into a sell-off in riskier assets, which has picked up steam as data shows US inflation heating up, prompting investors fears about the economic impact of aggressive central bank tightening.
(with inputs from agencies)