Cryptocurrency market cap crashes to $1.38T; Terra (LUNA), UST bleed
Crypto Market Crash News: 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 $31,000 level. At the time of this report, Bitcoin price was $30,621, which is nearly 5% decrease in the last 24 hours.
Meanwhile, the price of Terra (Luna) has crashed massively to $6.42. In the last 24 hours LUNA 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.
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 stablecoin TerraUSD(UST) , which is pegged against the dollar, fell sharply to almost $0.6. 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, spiraling it out of control. The daily chart for LUNA has broken below the ascending channel pattern. An 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.