Cryptocurrency prices today: Bitcoin above $30,000, Terra cracks another 32%
1 min read 17 May 2022, 09:06 AM ISTThe global cryptocurrency market’s value today dipped 2% in the past 24 hours to $1.35 trillion
PremiumA selloff in cryptocurrency prices resumed, with Bitcoin hovering below and above $30,000 with global equity markets remaining under pressure. The world's largest and most popular fell over a percent and was trading at $30,176. It is down 37% so far this year, and trading far below the peak of $69,000 it hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, dipped marginally to $2,061. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also declined nearly a per cent to $0.000012.
Other digital tokens' performance also was subdued Solana, Cardano, Uniswap, Avalanche, Polygon, Stellar, Tron, XRP, Polkadot prices were trading with minor cuts over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 32% to $0.00017.
Meanwhile, the global crypto market’s value today plummeted about 2% in the past 24 hours to $1.3 trillion, according to pricing from CoinGecko. The total market value of cryptocurrencies has dropped by about $350 billion in the past week.
The crypto world has been riveted by the rapid collapse of the TerraUSD stablecoin. The Terra blockchain was halted and then restarted twice in recent days, as the value of its main cryptocurrency, Luna, and the related TerraUSD (UST) stablecoin collapsed following a wave of selling pressure.
Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.
(With inputs from agencies)
