Crypto Crash Update 5 - 24 Top Cryptos Fall Again

In this crypto-crash update, we’ll talk about Bitcoin, Ethereum, TerraUSD (UST), and Ethereum Classic. If you’re a cryptocurrency investor, you’ll be interested in reading about the recent dips in all these cryptocurrencies. But before we talk about the current situation, let’s look at some of the major factors that are driving the price fluctuations in these currencies.

Ethereum

The market is shaky after falling sharply over the past week. A range of factors including rising energy and bond yields have conspired to push the price of the world’s leading cryptocurrencies down. In the last 24 hours alone, the global market cap has fallen from $1.95 trillion to $1.26 trillion. Even so, volumes on the digital token market remain strong. The recent drop in bitcoin and Ethereum prices is an indication that the market may continue to be volatile.

Some investors are concerned that the downtrend will continue, despite the recent gains in bitcoin and Ethereum. The recent collapse of TerraUSD, the third largest stablecoin, has shaken the confidence of cryptoasset investors. “The terraUSD is a great example of a digital currency’s value based on a stable currency,” said Simon Peters, a crypto market analyst at eToro. “A stablecoin is like a bank account for the crypto world.” However, TerraUSD has been in decline for quite some time, falling almost 90 percent in the last 24 hours.

Bitcoin

After a day of ups and downs, bitcoin Ethereu has once again fallen as the crypto market continues to face trouble. The two top cryptos have lost around 3% of their value and Ripple’s XRP has dropped by 0.3%. The sudden crypto market crash is occurring as a result of the sell-off in stock markets led by technology companies, as well as the Federal Reserve’s interest rate hike.

This week, the stock market had its worst week since the coronavirus pandemic began, with a plunge in almost every sector, including technology companies like Apple and Netflix. While the stock market is closing out the year in a merry mood, many investors are taking a loss on their digital assets, as the ‘crypto winter’ has robbed them of billions of dollars. However, this recent crypto crash has prompted investors to reconsider their positions in cryptocurrencies, largely because cryptocurrencies serve no purpose as a hedge against inflation or rising interest rates.

TerraUSD

The top cryptocurrencies have taken a hit again today as the price of Bitcoin, Ethereum and TerraUSD plunged again. Bitcoin is down nearly six percent today and Ethereum is down four percent. Ethereum is the most popular and widely held cryptocurrency. Meanwhile, TerraUSD is down 64 percent today, after falling as much as ninety nine percent earlier in the day. These cryptocurrencies may have fallen in price in response to the sudden plunge in the price of Bitcoin.

Bitcoin has fallen again in value as the selling pressure on top cryptocurrencies continues to intensify. While the situation is not bleak for other cryptocurrencies, it has impacted stablecoins. Stablecoins are designed to maintain a stable value – usually $1 per token – and are a good option for those worried about the instability of the cryptocurrency market. The price of tether is currently around $380, but that could be affected by the recent plunge.

TerraUSD (UST)

The cryptocurrency market has taken a dive once again as bitcoin and ethereum fell more than fifteen per cent in just a few hours. Other top coins, such as Ripple, have also dropped, with a couple of rivals falling nearly as much, down around three per cent. In addition to these major coins, meme tokens like TerraUSD and Shiba Inu have been under pressure. Last week, these two coins were trading for around $29,000, down more than 20 per cent.

Experts have said that bitcoin and ethereu will hit $30,000 soon, so if it falls below that, it could go further. The recent fall in cryptocurrencies has also been blamed on the loss of the dollar’s peg to terraUSD, which has wiped out its support coin, Luna. Unlike the US dollar, terraUSD is a “stablecoin,” which is a digital currency pegged to a traditional currency.

Also Read:Top Cryptocurrency News on May 23

By Martina Arend

Martina works as a staff reporter and as she was an entrepreneur from the start and always followed latest online business models like Crypto and Forex Trading. Many entrepreneurs have been making money from Latest things like Crypto and Forex Trading so does she. She also writes intellectual news pieces for the Crypto and Forex Trading section of Daily Reuters.

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