Bitcoin below $30,000, dogecoin, Shiba Inu, other crypto prices today also plunge

Bitcoin price today lingered below the $30,000 mark in cautious trading as the fallout over a collapsed stablecoin continued to keep sentiment in check. The world's largest and most popular fell over 2% and was trading at $29,163. It is down 36% 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 over 4% to $1,951. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also declined more than 5% to $0.000012.

Other digital tokens' performance also declined as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap prices were trading with cuts over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 20% to $0.00014.

The global crypto funds saw record weekly net inflows for this year, totalling $274 million last week (7-13 May), a strong signal that investors saw the recent terraUSD (UST) stablecoin de-peg and its associated broad sell-off as a buying opportunity, digital asset manager CoinShares said. The world’s biggest crypto asset, Bitcoin, benefitted the most with inflows totalling $299 million last week.

Bitcoin is nursing a 21% loss so far in May, the worst monthly slump in a year, following last week’s crypto sector turmoil over the collapse of the TerraUSD algorithmic stablecoin, also known by its ticker UST, and Tether’s brief dip from its dollar peg.

Cryptocurrencies have been swept up in a sell-off this year 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)