Cryptocurrency prices today crash; Bitcoin below $30,000, Terra plunges 94%

livemint.com:

Cryptocurrency prices today declined with Bitcoin falling below the $30,000 for the second time in the past one week. The world's largest and most popular cryptocurrency plunged more than 5% to $29,044. The global crypto market’s value today plummeted about 10% in the past 24 hours to $1.35 trillion, according to pricing from CoinGecko.

Bitcoin has at present slumped more than 50% lower compared to its all-time high of near $69,000, which it hit in November last year, and was trading near one-year lows at around $32,000 level.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also tanked about 10% to $2,087. Meanwhile, dogecoin price today was trading over 20% lower at $0.08 whereas Shiba Inu also fell more than 24% to $0.000012.

Other digital tokens' performance also declined as Solana, Polkadot, Cardano, Uniswap, XRP, Avalanche, Polygon, Stellar prices were trading with gains in the range of 10-30% over the last 24 hours, however, Terra crashed over 94% to $0.77, while Tron gained slighlty.

Crypto assets have been under pressure over the past month, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation.

Digital asset investment products or crypto funds saw net inflows of $40 million last week (30 April to 6 May) even as digital asset prices tumbled amid risk-off sentiment in the broader financial markets, digital asset manager CoinShares said. According to CoinShares, investors were taking advantage of the substantive price weakness to add to positions.

Meanwhile, crypto trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop to date on