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Bitcoin Below $27,000 As Markets Face Bloodbath; Tera worst hit

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Cryptocurrency rate today: On Thursday, May 12, the global cryptocurrency market faced a brutal bloodbath with a 16.83 percent drop in market capitalization on the day. The Global cryptocurrency market The cap was at $1.14 trillion today, as major cryptocurrencies such as Bitcoin, Ethereum and Solana faced new lows in months. Investors have been very reluctant to invest in digital assets amid persistent geopolitical tensions and high inflation, which ultimately led to the crash of the cryptocurrency market.

According to experts, between The recent decline reflects the decline in technology stocks, with the Nasdaq losing 6.4 percent this week. Today, the price of Bitcoin dropped to a 16-month low, standing at $27,411.11 at the time of writing, which is down 9.89 percent over the past 24 hours. Meanwhile, the price of Ether has also fallen today to $1,797.26 while writing this article. This has decreased by a whopping 22.37 percent in the past 24 hours.

“Bitcoin broke the major support at $30,000 and entered a long bearish cycle. Bear cycles are usually longer than bull cycles, so it may take half a year to see positive long-term price growth in the crypto market. By that time, more than 90% of cryptocurrencies end up due to a liquidity and volume crunch.”

Meanwhile, Luna has dropped as low as $1, while blockchain stablecoin UST has lost its peg again. In addition, the total value locked on Anchor, (Terra’s largest DeFi protocol) has dropped by $11 billion in days. “The UST algorithmic stablecoin Terra has crashed to a low of around $0.30, having lost its peg to the dollar,” said Darshan Bateja, CEO and co-founder of Fold. Down more than 96 percent in the past 24 hours, the altcoin has wiped out more than 99 percent of investor wealth in the past two days.

“Luna Foundation Guard (LFG), a non-profit organization set up to support the Terra ecosystem, bought several cryptocurrencies including Bitcoin in order to maintain the stability of the peg. Earlier in the week, when BTC fell to $30,000 The ratio of LFG reserves to issued terrestrial treasuries has also decreased, forcing LFG to liquidate its BTC reserves. The impact of the move is not only being felt in the market, but has also raised concerns from regulators.US Treasury Secretary Janet Yellen cited the issue of terrestrial treasuries to push for regulation Stable currencies,” added Bateja.

Here are the top 10 cryptocurrencies and their prices on May 11, 2022 (according to data from coinmarketcap.com)

Bitcoin $27,411.11 or 9.89% loss in the past 24 hours

Ethereum $1,797.26 or 22.37 percent loss in the last 24 hours

Limit $0.9508 or lose 4.90 percent in the last 24 hours

USD Coin gained $1 or 0.40 percent in the last 24 hours

BNB $221.00 or a loss of 27.63 percent in the last 24 hours

XRP 0.3539 USD, or 30.09 percent loss in the last 24 hours

Binance gained $1.02 or 2.08 percent in the past 24 hours

Cardano $0.4096 or 33.23% loss over the past 24 hours

Solana $38.56 or 39.19 per cent loss in the last 24 hours

Dogecoin $0.07068 or 32.51% over the past 24 hours

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