The cryptocurrency market has been going through a pretty deep correction in recent days. Ethereum dropped to $2,200 while Bitcoin touched below $30,000. The total market value, which has been in the range of 1.8 - 2 trillion dollars for a while, has recently dropped below 1.4 trillion dollars. The biggest decrease was experienced in Terra (LUNA), the rising star of the last period. The altcoin, which tried to climb to $ 90 just 5 days ago, is trading at $ 2 at the time of writing this article. Let's remind you that LUNA found buyers over $119 a month ago.
In addition to external factors that negatively affect cryptocurrency prices, internal factors continue to increase the selling pressure. Terra, which has come to the fore with its decentralized stable crypto money project in recent months, has rapidly increased its value with its attempt to create a Bitcoin reserve. However, the downward trend in cryptocurrencies also hit Terra's stable crypto asset UST, and the crypto asset's exposure to high volumes caused its most important feature, its stability, to deteriorate.
BTC Touched Below $30K
Bitcoin, the leading cryptocurrency in terms of market cap, has moved down after the April 2022 US inflation data were released. Bitcoin, which last saw the level of $ 29,000 in June 2021, fell to the same levels during the day.
Bitcoin, which has lost 22.5 percent in the last 7 days, has lost 7.4 percent in the last 1 hour. According to CoinGecko data, Bitcoin is trading at $31,429 at the time of writing.
All cryptocurrencies in the list of the most valuable cryptocurrencies, led by Bitcoin, are in decline. The 1-hour drop in Ethereum is at 10.4 percent, while the Solana front is down 20.8 percent. On the other hand, there is a 15.2 percent drop in the Meme cryptocurrency Dogecoin. There is also a decrease in stablecoins on the list. USDT, USDC and BUSD are trading at $0.99.