Bitcoin Below $27K as Markets Face Bloodbath; Terra Worst-Hit


Cryptocurrency Price Today: The world cryptocurrency market on Thursday, May 12, confronted a brutal massacre with a 16.83 per cent lower out there cap on the day. The world cryptocurrency market cap was standing at $1.14 trillion at this time, with main crypto cash like Bitcoin, Ethereum and Solana going through new lows in months. Investors have been extraordinarily reluctant of investing in digital property amid continued geopolitical tensions and rising inflation charges, leading to an eventual crash within the cryptocurrency market.

As per consultants, bitcoin’s The current decline mirrors tumbles in tech shares, because the Nasdaq has misplaced 6.4 per cent this week. Bitcoin value at this time fell to its 16 month low, and was standing at $27,411.11 on the time of writing this text, which was down by 9.89 per cent during the last 24 hours. Meanwhile, Ether value at this time, too, crashed to $1,797.26 whereas writing this text. This was down by a whopping 22.37 per cent during the last 24 hours.

“Bitcoin has broken the key support of 30,000$ and we have entered into a long bear cycle. Bear cycles are usually longer than bull cycles, so it could take 1/2 years to get a positive long-term price growth in the crypto market. By that time more than 90% of cryptocurrencies will eventually die due to liquidity and volume crisis,” said Hitesh Malviya, founder of IBC Capital and itsblockchain.com

“Meanwhile Luna dropped as low as $1, while the blockchain’s stablecoins UST lost its peg again. Additionally, the total value locked on Anchor, (Terra’s biggest DeFi protocol), fell by $11 billion in the past few days. Terra’s algorithmic stablecoin UST crashed to a low of around $0.30, after losing its peg to the dollar.,” said Darshan Bathija, CEO and co-founder of Vauld. Terra price today at the time of writing this article was $0.2066, down by over 96 per cent in th last 24 hours. The altcoin has wiped off over 99 per cent of investors’ wealth in the past two days.

“Luna Foundation Guard (LFG), the non-profit foundation created to support the Terra Ecosystem, bought various cryptocurrencies including Bitcoin in order to maintain the stable coin’s peg. Earlier in the week, when BTC fell to $30,000, LFG’s reserves ratio to UST issued fell as well, forcing LFG to liquidate its BTC reserves. The effect of this move is not only being felt in the market, but has also raised concerns from regulators. US Treasury Secretary Janet Yellen cited the UST issue to push for stablecoin regulation,” added Bathija.

Here are the highest 10 cryptocurrencies and their costs on May 11, 2022 ( According to information from coinmarketcap.com)

Bitcoin $27,411.11 or 9.89 per cent loss within the final 24 hours

Ethereum $1,797.26 or 22.37 per cent loss within the final 24 hours

Tether $0.9508 or 4.90 per cent loss within the final 24 hours

USD Coin $1 or 0.40 per cent achieve within the final 24 hours

BNB $221.00 or 27.63 per cent loss within the final 24 hours

XRP $0.3539 or 30.09 per cent loss within the final 24 hours

Binance USD $1.02 or 2.08 per cent achieve within the final 24 hours

Cardano $0.4096 or 33.23 per cent loss within the final 24 hours

Solana $38.56 or 39.19 per cent loss within the final 24 hours

Dogecoin $0.07068 or 32.51 per cent achieve within the final 24 hours

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