September 29, 2022

Bitcoin Price Drops Below $27,000, Ethereum Tests $1800

Sofia, Bulgaria - April 24, 2014: Studio shot of  bitcoin in a row on black background . Bitcoin - bit coin BTC the new virtual money

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On Thursday, May 12, bitcoin quotes fell below $27,000, and the price of Ethereum tested the $1,800 level. During the day, the first asset fell in price by 13.5%, the second lost over 21% of the value, according to CoinGecko.

At the time of writing, digital gold is trading near $27,500, while Ethereum is trading at $1,880.

The flagships pulled the rest of the market with them – its capitalization decreased by 18%, to $1.2 trillion. All digital assets from the top 10 by capitalization were in the red zone. Solana (-34.4%), Cardano (-32.6%) and Dogecoin (-30.4%) showed the worst dynamics.

The price of Terra (LUNA) has fallen by almost 100% in a day, to $0.26. The capitalization of the asset fell to $721 million – last month the figure exceeded $30 billion.

According to CoinGlass, the daily volume of liquidations in the futures market exceeded $1.23 billion. The largest single liquidation was recorded on the BitMEX exchange – a $10 million position was forcibly closed.

A similar situation is observed in decentralized markets. Over the past 24 hours, the cumulative liquidation volume on landing DeFi platforms has reached $170.84 million, the highest since May 2021, according to OKLink.

The index of fear and greed in the crypto industry has reached 12 points (“extreme fear”).

Recall that at the beginning of May 11, the algorithmic stablecoin of the Terra ecosystem – TerraUSD (UST) – again lost its peg to the US dollar. The LUNA cryptocurrency used to issue it collapsed by 97% in a day.

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