The entire crypto market is covered in red once again, with countless double-digit losses evident across almost all charts. Bitcoin dumped by 15%, while the altcoins have it even worse with Solana, Ripple, Dogecoin, Shiba Inu, Avalanche, and, of course, Terra, leading the negative trend.
- It’s safe to say that the crypto market is in a state of freefall now, and it has been this way for the past week or so. CryptoPotato has frequently reported the massive price drops, which took bitcoin from $40,000 to below $30,000 in this period.
- However, the past 24 hours were violent once more. After news broke about the new inflation numbers within the US, BTC dropped below $30,000, surged above that level, and plummeted once more.
- This resulted in marking a new year-and-a-half low below $28,600 as reported yesterday evening, but the situation only worsened as BTC dipped to $26,500 a few hours back.
- Somewhat expectedly, the altcoins have capitulated even more. Ethereum is down by more than 20% to well below $2,000. Binance Coin dumped by 25% to $235. Even more massive drops are evident from Ripple (-30%), Solana (-36%), Cardano (-32%), Dogecoin (-30%), Avalanche (-35%), and Shiba Inu (-35%).
- The market’s most significant loser – Terra – has plummeted to below $0.30 as of writing these lines. After the UST drama, LUNA has lost about 99% of its value in a week.
- These developments have led to a high number of liquidations and liquidated traders, with over $1.2 billion wrecked in the past 24 hours, while over 430,000 traders saw their positions liquidated.