The recent days have been particularly rough for the crypto sector, as majority cryptocurrencies lost steam after Terra’s downfall. Bitcoin on Wednesday, May 18, opened with a loss of 1.21 percent as per Indian exchange CoinSwitch Kuber. BTC’s trade price in India is currently close to $31,359 (roughly Rs. 24 lakh). The oldest cryptocurrency failed to see growth on international exchanges as well. Binance and Coinbase for instance, showed BTC dipping by around 1.95 percent. With this, BTC’s trading value, on a global level, hovers around $29,831 (roughly Rs. 23 lakh).
While Ether is also dealing with losses, its dips are smaller than those of BTC. As per Gadgets 360’s crypto price tracker, ETH is current trading at $2,156 (roughly Rs. 1.65 lakh). Currently, ETH is far away from its last set all-time-high of $4,811 (roughly Rs. 3.75 lakh) that it set last year.
At this point, all popular cryptocurrencies are facing the repercussions of Terra’s downfall by over 99 percent. The trust factor on cryptocurrencies has taken quite the strike with this incident.
Binance Coin, Cardano, Solana, and Polkadot have also slid down the price ladder. Polygon and Chainlink are also laying low for now.
Dogecoin and Shiba Inu also stay affected by the volatile market movement.
The industry insiders believe that market fluctuations have happened before and investors need to take a longer-term view of where they believe the market can be, and what has happened in the past.
“Investors generally are moving far away from risky assets like cryptocurrencies as the US policymakers tighten the monetary supply. This has pushed equity as well as crypto prices lower. Then there are also crypto-specific issues that are contributing to the continued decline, such as Terra USD (UST) losing its $1 (roughly Rs. 77) peg and the Luna debacle. While volatility is a part of life in crypto markets, the real thing one needs to believe is that crypto markets are here to stay,” Akshaya Bhargava, Chairman of UK-based fintech firm Bridgeweave and the former CEO of Wealth and Investment Management at Barclays told Gadgets 360.
Meanwhile, a small number of stablecoins and altcoins held back greens on the price charts nudging away the fears of a ‘crypto winter’ approaching the industry.
Tether, USD Coin, Tron, Litecoin and Uniswap saw minor gains along with a few other underdog cryptocurrencies.
The market cap of the crypto sector currently stands at $1.28 trillion (roughly Rs. 99,62,118 crore), as per CoinMarketCap.
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