Cryptocurrency Price Today: Bitcoin Below $27K as Markets Face Bloodbath; Terra Worst-Hit

ryptocurrency Price Today: The global cryptocurrency market on Thursday, May 12, faced a brutal bloodbath with a 16.83 per cent decrease in the market cap on the day. The global cryptocurrency market cap was standing at $1.14 trillion today, with major crypto coins like Bitcoin, Ethereum and Solana facing new lows in months. Investors have been extremely reluctant of investing in digital assets amid continued geopolitical tensions and rising inflation rates, resulting in an eventual crash in the cryptocurrency market.

As per experts, Bitoin’s recent decline mirrors tumbles in tech stocks, as the Nasdaq has lost 6.4 per cent this week. Bitcoin price today fell to its 16 month low, and was standing at $27,411.11 at the time of writing this article, which was down by 9.89 per cent over the last 24 hours. Meanwhile, Ether price today, too, crashed to $1,797.26 while writing this article. This was down by a whopping 22.37 per cent over the last 24 hours.

“Bitcoin has broken the key support of 30,000$ and we have entered into a long bear cycle. Bear cycles are usually longer than bull cycles, so it could take 1/2 years to get a positive long-term price growth in the crypto market. By that time more than 90% of cryptocurrencies will eventually die due to liquidity and volume crisis," said Hitesh Malviya.

“Meanwhile Luna dropped as low as $1, while the blockchain’s stablecoins UST lost its peg again. Additionally, the total value locked on Anchor, (Terra’s biggest DeFi protocol), fell by $11 billion in the past few days. Terra’s algorithmic stablecoin UST crashed to a low of around $0.30, after losing its peg to the dollar.," said Darshan Bathija, CEO and co founder of Vauld. Terra price today at the time of writing this article was $0.2066, down by over 96 per cent in th last 24 hours. The altcoin has wiped off over 99 per cent of investors’ wealth in the past two days.
“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. 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. The effect of this move is not only being felt in the market, but has also raised concerns from regulators. U.S. Treasury Secretary Janet Yellen cited the UST issue to push for stablecoin regulation,” added Bathija.

Here are the top 10 cryptocurrencies and their prices on May 11, 2022

Bitcoin $27,411.11 or 9.89 per cent loss in the last 24 hours

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

Tether $0.9508 or 4.90 per cent loss in the last 24 hours

USD Coin $1 or 0.40 per cent gain in the last 24 hours

BNB $221.00 or 27.63 per cent loss in the last 24 hours

XRP $0.3539 or 30.09 per cent loss in the last 24 hours

Binance USD $1.02 or 2.08 per cent gain in the last 24 hours

Cardano $0.4096 or 33.23 per cent loss in the last 24 hours

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

Dogecoin $0.07068 or 32.51 per cent gain in the last 24 hours