Today's Cryptocurrency Price: Bitcoin Is Below $27,000 As Markets Collapse; Terra Is The Worst-Hit Cryptocurrency.

2022-05-12 | Selina Mathew

Today's Cryptocurrency Price: Bitcoin Is Below $27,000 As Markets Collapse; Terra Is The Worst-Hit Cryptocurrency.

Today's bitcoin price: The global cryptocurrency market suffered a devastating massacre on Thursday, May 12, with a 16.83 percent drop in market capitalization. Today, the global cryptocurrency market worth was $1.14 trillion, with major crypto currencies such as Bitcoin, Ethereum, and Solana hitting fresh lows in months. Due to continuous geopolitical tensions and rising inflation rates, investors have been hesitant to invest in digital assets, culminating in a bitcoin market meltdown.

Experts say Bitoin's latest slump reflects a drop in tech equities, with the Nasdaq down 6.4 percent this week. Bitcoin's price plummeted to a 16-month low today, and was trading at $27,411.11 at the time of writing this piece, down 9.89% in the past 24 hours. Meanwhile, while writing this piece, the price of Ether fell to $1,797.26. Over the previous 24 hours, this has dropped by a stunning 22.37 percent.

"Bitcoin has broken through the critical support level of 30,000 dollars, signaling the start of a protracted bear cycle." Bear cycles are often longer than bull cycles, therefore achieving positive long-term price rise in the crypto market might take up to a year.


More than 90% of cryptocurrencies would have died by then owing to a lack of liquidity and volume "Hitesh Malviya, the founder of IBC Capital and, said:

"In the meantime, Luna fell below $1, and UST, the blockchain's stable coin, lost its peg once more." In addition, in the last few days, the entire value locked on Anchor (Terra's largest DeFi protocol) has dropped by $11 billion. After losing its peg to the dollar, Terra's algorithmic stable coin UST dropped to a low of roughly $0.30 "Darshan Bathija, Vauld's CEO and co-founder, stated. Terra's price was $0.2066 at the time of writing this post, down roughly 96% in the previous 24 hours.


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