Cryptocurrency Market Crash News and Crypto Prices Today in India (May 10, 2022): The global crypto market cap has now shrunk to $1.41 trillion, decreasing by 7.94% in the last 24 hours, according to CoinMarketCap data on Tuesday (8.43 am). Almost every top 10 crypto prices have come down in the last 24 hours while the global cryptocurrency market volume over the last 24 hours increased by 84.76% to $182.54 billion. The total volume in DeFi was $20.84 billion, which is 11.41% of the total crypto market 24-hour volume. Stable coins volume was $163.94 billion, which is 89.81% of the total crypto market 24-hour volume.
The Bitcoin price has also shrunk to $30,932. During the last 24 hours, BTC price also fell below the $30,000 for the first time since July 2021.
Bitcoin’s dominance as top crypto asset remains unchanged over the last day at around 41.84%. The overall Bitcoin price has decreased by 19.63% in the last 7 days. In the last 24 hours, Bitcoin price decreased by 8.26%.
Experts say that Bitcoin and other crypto prices are shattering due to a broad sell-off amid extreme fear among investors. Even institutional investors seem to be selling their crypto holdings in bulk, triggering the massive price crash.
“Due to a broad sell-off, BTC prices dropped below the $30,000 level for the first time since July 2021, while ETH prices stood at $2319. The Crypto Fear And Greed index was in the “Extreme Fear” zone, a sign that investors were too worried and were selling their holdings to minimize losses,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online.
Bathija claims what we’re seeing right now is the result of BTC’s high correlation to the S&P index, and market participants trying to reduce their exposure to risk.
Adding to the the current selling pressure was Luna Foundation Guard’s decision to offload about $750 M from its BTC reserves, due to uncertain macro conditions across the market. The foundation labelled the sale as a “loan” to OTC traders to protect the UST peg, said Bathija.
There is already panic over inflation and fears of a potential recession crashing the crypto markets.
This is also the first time since July 2021 that Bitcoin has traded below the $30,000 mark and is down by almost 56% from its peak in November last year.
“The global financial markets are battered by rising inflation and growing Russia-Ukraine tension, rising inflation, and a highly volatile situation in Sri Lanka. The Indian rupee closed at a record low which is expected to make imports costlier and will have a significant impact on the financial markets. The above factors are putting tremendous pressure on the crypto market as well and we are witnessing a large sell-off by the investors to part the cash for better times,” Shivam Thakral, CEO, BuyUcoin, said.
Top Crypto Prices
Prices of several other top 10 crypto assets have fallen sharply in the last few days. Take a look at how the prices moved in the last 24 hours:
Ethereum (ETH): Ethereum price decreased by 5.9% to $2319 in the last 24 hours. In the last 7 days, ETH price has decreased by 18.63%. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance coin’s price decreased by 11.67% to $309 in the last 24 hours. In the last 7 days, BNB price has shrunk by 20.92%. It is currently ranked as fourth biggest crypto asset in terms of market capitalisation.
XRP: XRP coin’s price decreased by 11.87% to $0.502 in the last 24 hours. In the last 7 days, XRP price has decreased by 19.44%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
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Solana (SOL): Solana price decreased by 14.45% to $64.90 in the last 24 hours. In the last 7 days, SOL price has decreased by 26.42%. It is currently ranked as 7th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano token’s price decreased by 12.39% to $0.6272 In the last 24 hours. In the last 7 days, ADA price has decreased by 12.36%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.
Terra (LUNA): Terra coin’s price decreased by 53% to $28.83 in the last 24 hours. In the last 7 days, LUNA price has decreased by 85.96%. It ranking has now fallen to 14th in terms of market capitalisation.
Popular memecoin Dogecoin’s (DOGE) price decreased by 11.64% in the last 24 hours while Shiba In (SHIB) price decreased by 17.07% over the last day. DOGE is currently ranked 11th and SHIB 16th in terms of their respective market capitalisations. The price of DOGE at the time of this report was $0.1084 while SHIB price was $0.00001505.