The entire crypto market is once again covered in red, with countless double-digit losses on almost every chart. While Bitcoin is down 15%, altcoins are leading the negative trend, getting worse along with Solana, Ripple, Dogecoin, Shiba Inu, Avalanche, and of course Terra.
- It is safe to say that the cryptocurrency market is in free fall right now, and this has been the case for the past week or so. Crypto Potatoes During this period, Bitcoin frequently reported massive price drops, dropping from $40,000 to less than $30,000.
- But the last 24 hours have been violent once again. After news broke of new inflation figures in the US, BTC fell below $30,000, surged above that level, and plummeted once again.
- As a result, as reported yesterday evening, it hit a year-and-a-half low below $28,600, but things got worse as BTC fell to $26,500 a few hours ago.
- More or less as expected, altcoins capitulated more. Ethereum is down more than 20% below $2,000. Binance Coin is down 25% to $235. Even larger declines are evident in Ripple (-30%), Solana (-36%), Cardano (-32%), Dogecoin (-30%), Avalanche (-35%) and Shiba Inu (-35%). . .
- The market’s biggest loser, Terra, has plummeted below $0.30 at the time of writing this line. After the UST drama, LUNA lost about 99% of its value in a week.
- These developments a lot of liquidation In the last 24 hours, over $1.2 billion of wrecked and liquidated traders, and over 430,000 traders have seen their positions liquidated.
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