Crypto market update: Lead cryptos bleed after US inflation

By Raffaele Redi

BTC fell below the $30k level under the selling pressure

A sell-off mood dominated the crypto market on Wednesday 11 May 2022 as the terraUSD (UST) drama continued to worry investors alongside US inflation data released earlier in the afternoon.

The US annual inflation rate slowed to 8.3% in April from a 41-year high of 8.5% in March, but the decrease was less than market forecasts of 8.1%, reported Trading Economics.

Meanwhile, Do Kwon, Terraaform Lab’s CEO, said it will decrease the terraUSD (UST) supply to re-peg the decentralised and algorithmic stablecoin of the Terra blockchain to the US dollar on a one-to-one basis.

At the time of writing, UST was changing hands at $0.4049, down by 56% in the last 24 hours, according CoinMarketCap, while lead cryptos, such as bitcoin and ether, plunged as a risk aversion wave swept the crypto market.

BTC plunging

According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $30,998 up 3.08%. It is currently trading at $30,850.

BTC traded 6.1% down over the past 24 hours – and 21.1% lower over the past seven days, according to CoinMarketCap. It also fell to a 24-hour low of $29,323.23. Bitcoin’s market cap was $569.7bn, representing around 43.5% of the crypto market capitalisation, while the lead crypto’s trading volume was around 17.4% lower at $68bn over the past 24 hours.

The digital oil, ether (ETH), according to Currency.com, ended yesterday at $2.340, up 5%. ETH is currently trading at $2,325.

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The total crypto market capitalisation fell by $155bn from $1.793trn to $1.638trn in the past 24 hours.

Top gainers and losers

According to CoinMarketCap, of the top 100 coins and tokens, Maker (MKR), the governance token of the MakerDAO and Maker Protocol, witnessed more than a 21% increase over the last 24 hours, changing hands at $1,498.03.

Meanwhile, Terra (LUNA), the native token of Terra’s blockchain, recorded more than a 91% decrease over the last 24 hours, trading at $2.61.

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, 1SAFU (SAFU) witnessed a 1,289% increase to $0.00000778, while NeorderDAO (N3DR) was down 99% at $0.0005151.

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

Further reading

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