Crypto Crash: Cryptocurrency market cap crashes | Other cryptos have Dropped | Terra (LUNA), UST Bleed
As per the recent news, it shows that the cryptocurrency market cap collapsed even further on Wednesday, as Bitcoin and many other major cryptocurrencies hit unprecedented lows. The global crypto market cap has dropped 6.44 percent in the previous 24 hours to $1.38 trillion. Bitcoin’s price has once again dropped below $31,000. Bitcoin’s price was $30,621 at the time of publication, down roughly 5% in the previous 24 hours.
In the meantime, the price of Terra (Luna) has fallen to $6.42. The price of LUNA has dropped by nearly 82 percent in the last 24 hours. The price of LUNA is roughly 93% lower than it was 7 days ago. On CoinMarketCap, the LUNA rating has also dropped dramatically. Terra was ranked 31 at the time of publication.
The price of TerraUSD (UST) has dropped 44.95 percent in the past 24 hours to $0.5129. Terra (LUNA) has had a crazy week, with the token dropping at an increasing rate. LUNA has dropped about 85% in the last 6 days, from a constant price of $88 to under $15.
During the last seven days, LUNA has lost about 94 percent of its market share, with a decrease of over 82 percent throughout the last 24 hours. The Terra problem started when Terra’s algorithmic-based stablecoin TerraUSD(UST), which is connected to the dollar, crashed to nearly $0.6. Binance, one of the most popular cryptocurrency exchanges in the world, has temporarily shut down the transfer of UST and LUNA.
As per the sources, this might be the first time Bitcoin has gone below $30,000 since July 2021, and it dropped about 56% from its apex in November last year. The high inflation rate, surging Russia-Ukraine confrontations, and a highly uncertain scenario in Sri Lanka are all weighing on global financial markets.
Even though markets have slumped across the board, Bitcoin and crypto-assets have taken the brunt of the sell-off mentality. More suffering comes later for crypto markets, but because Bitcoin’s long-term principles are in effect, this will ultimately be a terrific buying opportunity for investors with a longer perspective of the markets.
