The cumulative market capitalization of all crypto assets has decreased to just over $1.6 trillion. This comes after another 15% drop since yesterday.ĭouble-digit drops are evident everywhere across the alt charts. Ethereum traded above $3,100 on Thursday, but it’s down below $2,500 as of now.
The altcoins are in even worse shape in the past two days. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite declined about 5% last week and approximately by 2% on Friday alone.
The three most prominent US stock market indexes are all in the red in the past few days. Source: TradingViewīitcoin’s price slides coincide with the recent correction in the stock markets. (Cryptos and other virtual digital assets are unregulated in India.Thanks for subscribing, you will get your first report in the next hours! BTCUSD. Treasury Secretary Janet Yellen cited the UST issue to push for stablecoin regulation,” said Bathija. “The effect of this move is not only being felt in the market, but has also raised concerns from regulators. Earlier in the week, when BTC fell to $30,000, LFG’s reserves ratio to UST issued fell as well, forcing LFG to liquidate its BTC reserves. Luna Foundation Guard (LFG), the non-profit foundation created to support the Terra Ecosystem, bought various cryptocurrencies including Bitcoin in order to maintain the stable coin’s peg,” he said.Ħ. “One UST can be redeemed or minted for exactly $1 worth Luna. According to Bathija, most stable coins like Tether and USDC are backed by assets like cash and bonds in the case of algorithmic stablecoins, like UST, they are supposed to be automatically pegged to the price of another digital asset. It may take some time for cryptocurrencies to recover from this crash.”ĪLSO READ | Terra (LUNA), TerraUSD (UST) Crash Newsĥ. Along with macroeconomic factors, the collapse of UST has largely impacted the crypto market. GMT +9616 Binance IEO Alpine F1 +250 Binance IEO LOKA +514 Binance IEO VOXEL +196 Binance IEO. The total cryptocurrency market cap is currently 1.13T, a decrease of -1.18 over the last 24 hours. It is also likely that BTC may even break below the current level. Live Crypto Prices and Cryptocurrency Market Cap. Since yesterday, BTC has been struggling to find its support between US$27,000 and US$30,000. “BTC appears to be at oversold levels with increasing selling pressure. Edul Patel CEO & Co-founder, Mudrex, says: Bitcoin hit its lowest at US$28,000 in the past 24 hours, which is the weakest since 2020. Terra’s algorithmic stablecoin UST crashed to a low of around $0.30, after losing its peg to the dollar.ĥ. Luna dropped below $1, while the blockchain’s stablecoins UST lost its peg again.Īdditionally, the total value locked on Anchor, (Terra’s biggest DeFi protocol), fell by $11 billion in the past few days.Ĥ. Investors often transfer their holdings to exchanges when they intend to sell,” Darshan Bathija, CO founder & CEO, Vauld, told FE Online.ĪLSO READ | Here’s why and how much LUNA, UST have fallenģ. “Data showed that the rate of BTC exchange inflow remained relatively high in the last couple of days. Though a minor recovery took BTC slightly above $32,000, the prevalent overhead selling pressure and extreme fear in the market took the price down to levels below $28,511.Ģ. While BTC dropped by 9% in the last 24 hours, ETH fell by 15% and altcoins like LUNA dropped by over 90%. Here’s a look at some of the key developments and updates from crypto markets:ġ. Celsius’s actual debt stands at $2.85 billion: Report