Cryptocurrency Price Today: Bloodbath in digital currencies; top tokens dive up to 99%


None of the tokens was trading in the green during the early hours on Thursday. Bitcoin plunged 8 per cent whereas Ethereum dropped 13 per cent. And the pain in altcoins was more intense.

New Delhi: The digital currencies continued to bleed on Thursday, thanks to multiple factors.

The unstable algorithms of ‘stablecoins’ are hurting the crypto market sentiments, while the US dollar-pegged tokens are getting ‘depegged’ and dragging the market lower.

Other than this, rising inflation numbers across the globe are worrying investors over the looming economic slowdown. Russia’s unprovoked attack on Ukraine has just added to the woes.
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None of the tokens was trading in the green during the early hours on Thursday. Bitcoin plunged 8 per cent whereas Ethereum dropped 13 per cent. And the pain in altcoins was more intense.

Leading names including Shiba Inu, Dogecoin, Polkadot, Solana, BNB, Cardano and Avalanche lost about one-third of their value in the last 24 hours. Worst hit Terra has wiped out 99.9 per cent of investors’ wealth.

The global cryptocurrency market cap was trading sharply lower at the $1.25 trillion mark, down 13 per cent in the last 24 hours. However, the total cryptocurrency trading volume rose about 40 per cent to $218.14 billion.

What’s cooking in India
In a strongly worded reaction to its recent run-in with the Indian central bank, Brian Armstrong, CEO and co-founder of Nasdaq-listed Coinbase said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India.

“India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it,” he added.

Global updates

  • The Terra money machine collapsed almost entirely today. The UST stablecoin remains deep in the sub-dollar doldrums for the third day running, and LUNA, its sister token, has fallen almost 99.99 per cent off its 2022 high.

  • Just two months ago, Do Kwon, the founder of the Terra blockchain, tweeted to his followers that DAI, a five-year-old stablecoin, would succumb to the fast-rising growth of Terra’s stablecoin, UST.

  • Arrington Capital, a crypto native investment firm with over $1.6 billion in assets under management, has removed mention of its $100 million fund tied to Anchor, a yield-generating protocol on the Terra blockchain, from its website.

  • Coinbase Global (COIN) reported first-quarter revenue that missed analyst estimates, while its overall trading volumes fell 44 per cent from the fourth quarter.

Tech View by Giottus Crypto Exchange
Bearish times continue for Bitcoin as it breached the $30,000 level for the first time since June 2021. This also marks Bitcoin’s 7th consecutive week of declines. While the US Federal Reserve’s repo rate hike impacted global markets last week, yesterday’s release of the US inflation data did little to calm nerves.

Terra (LUNA) fiasco compounded the bearishness, leading to the coin having tanked more than 99%. Bitcoin is now struggling to break past the $30,000 mark, and continues to form bearish market structures – with lower highs and lower lows.

Until this trend is broken, longs may continue to be punished. Down below, with the next key support level at $28,100. Bitcoin’s support at those levels should be monitored before any new long positions are taken. On larger time frames, a reclamation of the $30,000 level is key for a reversal.

Meanwhile, Bitcoin dominance is inching towards 44% and may surge in upcoming weeks, indicating that any reversal would not send money flowing into alts. For those in crypto, Bitcoin remains the safest bet.

Major levels
Support: $28,500, $28,100, $27,500
Resistance: $29,600, $30,000

(Views and recommendations given in this section are the analysts’ own and do not represent those of Please consult your financial adviser before taking any position in the asset/s mentioned.) Presented By

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Updated: 05/12/2022 — 02:00