Crypto Market Update: BTC, ADA lead plunge as sell-off deepens

By Raffaele Redi
• Updated

Traders look nervous as crypto markets bleed following the collapse of stablecoin UST

A sell-off mood continued to dominate the crypto market on Thursday 12 May 2022 as the TerraUSD (UST) drama worried investors alongside US inflation data.

“Bitcoin saw the $30,000 rug pulled after a hot inflation report sent the Nasdaq and all risky assets tumbling. ​It is a very nervous time in crypto markets following the collapse of the controversial stablecoin UST and as the majority of institutional crypto investors that invested last year are now losing money,” said Ed Moya, senior market analyst at Oanda.

“Bitcoin remains very vulnerable to further selling pressure and could see further technical selling,” he added. ​

At the time of writing, UST was changing hands at $0.5139, up 12% in the past 24 hours, according to CoinMarketCap. Lead cryptos, such as bitcoin (BTC) and cardano (ADA), plunged with ADA down 25% over the past 24 hours to change hands at $0.4725, according to CoinMarketCap.

BTC plummeting

According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $28,977.40 down 6.52%. It is currently trading at $28,266.

Over the past 24 hours, BTC was trading 9.8% lower, and 27.9% lower over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $546bn, representing around 44.3% of the crypto market capitalisation, while the lead crypto’s trading volume was around 50% higher at $89bn over the past 24 hours.

The digital oil, ether (ETH), according to Currency.com, ended yesterday at $2.075, down 11.3%. ETH is currently trading at $1,919.

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The total crypto market capitalisation fell by $179bn from $1.396trn to $1.217trn in the past 24 hours.

Top gainers and losers

According to CoinMarketCap, of the top 100 coins and tokens, TRON (TRX), the token running on the Tron blockchain, witnessed more than an 8% increase over the past 24 hours to change hands at $0.07062.

On the flip side, eCash (XEC), the rebranded version of Bitcoin Cash ABC (BCHA), the result of the fork between BTC and bitcoin cash (BCH), recorded more than a 41% decrease over the past 24 hours to trade at $0.00003167.

Among the crypto coins and tokens with more than a $50,000 24h-volume that have gained or lost the most in the past 24 hours, Sweet SOL (SSOL) witnessed a 1007% increase to $0.000007274, while DragonKnight (DK) was down 99% to $0.04125.

All cryptocurrency prices are correct as of 13:00 BST (UTC +1).

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