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Bitcoin Falls Below $27K as Markets Face Bloodbath, Terra Worst-Hit

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Cryptocurrency Price Today: On Thursday, May 12, the global cryptocurrency market posted a 16.83 percent decline in market cap. The Global cryptocurrency market cap stands at $1.14 trillion today, with major coins such as Bitcoin, Ethereum, and Solana facing new lows in recent months. As geopolitical tensions and inflation rates continue to rise, investors are increasingly reluctant to invest in digital assets, resulting in an eventual crash in the cryptocurrency market.

In light of Bitcoin’s recent decline, experts see a parallel with recent declines in tech stocks, as the Nasdaq is down 6.4 percent this week. Bitcoin’s price today fell to a 16-month low and was $27,411.11 at the time of writing this article, which represents a 9.89 per cent drop over the last 24 hours. While writing this article, the Ether price hit $1,797.26. It dropped by a whopping 22.37 per cent in the last 24 hours.

Bitcoin has broken the key support of 30,000 dollars and we have entered a long bear cycle. In the crypto market, it could take half a year to get a positive long-term price growth because bear cycles are typically longer than bull cycles. By then, over 90% of cryptocurrencies will die due to liquidity and volume problems,” said Hitesh Malviya, founder of IBC Capital and itsblockchain.com.

Must Read: Bitcoin Plunges More Than 50% From its All-Time High

UST, the blockchain’s stablecoin, lost its peg again as Luna dropped to $1. Additionally, Terra’s biggest DeFi protocol, Anchor, lost $11 billion in the last few days. “Terra’s algorithmic stablecoin UST plunged to a low of around $0.30 after losing its peg to the dollar,” said Darshan Bathija, CEO and founder of Vauld. Terra price today is $0.2066, down by over 96 percent in the last 24 hours. The altcoin has erased over 99 per cent of investors’ wealth in the past two days.

To maintain the peg of the stable coin, Luna Foundation Guard (LFG) bought various cryptocurrencies, including Bitcoin. When BTC dropped to $30,000 earlier in the week, LFG’s reserves ratio to UST issued fell as well, forcing LFG to liquidate its BTC reserves. As well as affecting the market, this move has raised concerns among regulators. Treasury Secretary Janet Yellen cited the UST issue to push for stablecoin regulation, said Bathija.

Here are the top 10 cryptocurrencies and their prices on May 11, 2022 ( According to data from coinmarketcap.com)

Bitcoin $27,411.11 or 9.89 percent loss in the last 24 hours

Ethereum $1,797.26 or 22.37 percent loss in the last 24 hours

Tether $0.9508 or 4.90 percent loss in the last 24 hours

USD Coin $1 or 0.40 percent gain in the last 24 hours

BNB $221.00 or 27.63 percent loss in the last 24 hours

XRP $0.3539 or 30.09 percent loss in the last 24 hours

Binance USD $1.02 or 2.08 percent gain in the last 24 hours

Cardano $0.4096 or 33.23 percent loss in the last 24 hours

Solana $38.56 or 39.19 per cent loss in the last 24 hours

Dogecoin $0.07068 or 32.51 per cent gain in the last 24 hours

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