Crypto Crash Latest Update: Cryptocurrency market cap crashes to $1.38T; Terra (LUNA), UST bleed

Crypto Crash Latest Update: Cryptocurrency market cap crashes to $1.38T; Terra (LUNA), UST bleed

Cryptocurrency market cap crashed further on Wednesday as Bitcoin and several other top crypto prices hit new lows. 

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Cryptocurrency market cap crashed further on Wednesday as Bitcoin and several other top crypto prices hit new lows.

The global crypto market cap is now just $1.38 trillion, a 6.44% decrease in the last 24 hours. The Bitcoin price has again fallen below the $31,000 level.

At the time of this report, Bitcoin price was $30,621, which is a nearly 5% decrease in the last 24 hours. 


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Meanwhile, the price of Terra (Luna) has crashed massively to $6.42. In the last 24 hours, LUNA's price has fallen by over 82%. The LUNA price is nearly 93% lower than it was 7 days back.

LUNA ranking has also shockingly declined on CoinMarketCap. At the time of press, Terra ranked 31.

TerraUSD (UST) price has fallen over 50% in the last 24 hours to $0.4408. 

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Terra(LUNA) has had a whirlwind of a week with the token tumbling at an alarming rate. LUNA plummeted by almost 85% in the last 6 days dropping below $15 from a steady price of $88.

Terra debacle began when Terra’s algorithmic-based stable coin TerraUSD(UST), which is pegged against the dollar, fell sharply to almost $0.6.

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With that, Binance, one of the top global crypto exchanges, temporarily stopped the withdrawal of UST and LUNA.

“All this led to a cascading effect on the prices of LUNA, spiralling it out of control. The daily chart for LUNA has broken below the ascending channel pattern.

Immediate support could be expected at $4,” WazirX Trade Desk said in a note.  
 
LUNA has lost around 94 percent of its market share in the last 7 days, with its price dropping over 82 per cent in the last 24 hours._FinancialXpress