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There was a bloodbath in crypto market On Tuesday, cryptocurrency tokens wiped out up to half of investors’ wealth in just a few hours. Investors rushed to sell digital assets as if there was no tomorrow. With the exception of stablecoins pegged to the dollar, all major cryptocurrencies and altcoins were bleeding. Tera More than 50 percent wiped out half of investor wealth, while Shiba Inu’s 17 percent drop knocked it out of the top 15 cryptocurrencies. Bitcoin fell about 10 percent to its lowest level in 10 months, while Ethereum It fell another 8 percent. Solana, Cardano, Avalanche and BNB each fell in the 12-16 percent range each.
“Bitcoin dropped below $30K to record a single drop of 12% as fear gripped the crypto markets leading to massive selling. The Fear and Greed Index, which measures market sentiment, is at its lowest level since the beginning of this year,” Minister X said in a note.
“The global cryptocurrency market is trending south along with traditional markets, and as a result most crypto assets are in the red,” said Jennifer Lu, co-founder of Coinstore. “Bitcoin, the world’s oldest cryptocurrency, has reached its lowest level since July.” 2021 and it is expected to find a new lower support level Ether, the most popular digital currency, is down 9 percent while WAVES is the only crypto asset among the top 60 that was in the green during intraday monetary tightening led by the states The United States and high inflation kept investors on guard as sellers took control of the market. The overall crypto market saw a decline of nearly 10 percent. Increasing geopolitical uncertainty led by the Russo-Ukrainian war and unrest in Sri Lanka added to the market’s problems.”
Bitcoin, the world’s largest cryptocurrency, is down 28 percent this year so far. According to analysts and observers, the Russian-Ukrainian war and shifting economic policies have affected the cryptocurrency market as investors flee to more stable havens. Bitcoin reached an all-time high of $67,549.74 on November 09, 2021. The swing was wild, with the range from May 2021 to May 2022 as high as $68,789.63 at a high of $28,893.62 at its lowest.
Over the month so far, the highs and lows ranged from $43376.38 to $33714.43. For stakeholders, this is uncomfortably close to last year’s low of $3,1594.66 – recorded on June 26, 2021.
In political news, the GST Board is considering imposing a 28 percent tax on cryptocurrencies and related services, sources told CNBC-TV18. The proposal is likely to come up at the next meeting of the GST Council.
According to the sources, the government’s view is to keep crypto on par with lotteries, casinos, betting and racing tournaments. The Law Committee’s opinion is submitted to the Council for formal approval. No date has been set for the next meeting of the GST Board.
Further, guidelines are also being worked on making it mandatory for collectors to address consumer complaints within a specified time frame. The proposal to impose the highest general tax bracket at 28 percent will expand the net of indirect taxes on crypto-related services.
Here are the top 10 cryptocurrencies and their prices on May 10, 2022 (according to data from coinmarketcap.com)
Bitcoin $31,522.82 or 5.2 percent loss in the past 24 hours
Ethereum $2,382.43 or 1.92 percent loss in the last 24 hours
Earn $1 or 0.01 percent in the last 24 hours
BNB $322.55 or 4.59% loss in the last 24 hours
USD Coin $0.9999 or 0.01 percent loss in the last 24 hours
XRP $0.5671 or a loss of 0.91 percent over the past 24 hours
Solana $75.36, or 2.71 percent loss in the last 24 hours
Cardano $0.7101, or a loss of 3.99 percent in the last 24 hours
Terra $29.99 or 50.45 percent loss in the last 24 hours
TerraUSD 0.9976 or 0.04 percent gain in the last 24 hours
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