Latest Crypto Crash: Why Crypto Market is Going Down?

Latest Crypto Crash: According to experts, institutional investors appear to be dumping their crypto assets in large quantities, causing a dramatic price drop.
Latest Crypto Crash: Why Crypto Market is Going Down?
Latest Crypto Crash

Cryptocurrency Market Crash News and Today's Cryptocurrency Prices in India (May 10, 2022): According to CoinMarketCap statistics on Tuesday, the worldwide crypto market valuation has now decreased to $1.41 trillion, a 7.94 percent decrease in the previous 24 hours (8.43 am).

Almost all of the top ten crypto prices have fallen in the previous 24 hours, while the global cryptocurrency market volume has climbed by 84.76 percent to $182.54 billion.

The overall volume in Defi was $20.84 billion, accounting for 11.41 percent of the entire 24-hour activity in the crypto market. Stable coin volume was $163.94 billion, accounting for 89.81 percent of the total 24-hour crypto market volume.

BTC Price Also Fell Below the $30,000

BTC Price Also Fell

Bitcoin's value has also dropped to $30,932. In the previous 24 hours, the price of Bitcoin plummeted below $30,000 for the first time since July 2021. Bitcoin's supremacy as the most valuable cryptocurrency has remained stable over the previous day at roughly 41.84 percent.

In the previous seven days, the overall Bitcoin price has fallen by 19.63 percent. Bitcoin's price has dropped by 8.26 percent in the previous 24 hours.

Extreme Fear Among Many Investors

Extreme Fear Among Many Investors

According to experts, Bitcoin and other cryptocurrency values are collapsing owing to a widespread sell-off fueled by investor panic. Even institutional investors appear to be dumping their crypto assets in large quantities, causing a dramatic price drop.

"As a result of a broad sell-off, BTC prices fell below $30,000 for the first time since July 2021, while ETH prices hovered at $2319. The Crypto Fear And Greed indicator were in the "Extreme Fear" zone, indicating that investors were too concerned and were selling their holdings to limit losses, according to Darshan Bathija, CEO and Co-Founder of Vauld.

Bathija argues that what we're seeing right now is the result of BTC's high connection to the S& P index, as well as market players attempting to limit their risk exposure.

There is Already Concern About Inflation

Due to the market's uncertain macro conditions, Luna Foundation Guard decided to sell around $750 million of its BTC reserves, adding to the present selling pressure. According to Bathija, the foundation labeled the transaction as a "loan" to OTC dealers to safeguard the UST peg.

There is already concern about inflation and the possibility of a recession wrecking the crypto markets. This is also the first time Bitcoin has traded below $30,000 since July 2021, and it is down about 56% from its peak in November of last year.

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