Bitcoin's price has dropped below $30,000, and other major cryptocurrencies have also fallen
Bitcoin was trading below $30,000 at the time. Ethereum, the second most valuable cryptocurrency by market value, has dropped below $2,000.
admin
According to Coindesk, Bitcoin and other major cryptocurrencies struggled on Tuesday as the impacts of the Terra collapse continue to affect investor mood. Since central banks began to tighten monetary policy, major cryptocurrencies have been trading in the negative, raising investor concerns about inflation and a probable recession.
Bitcoin, the world's most popular and largest cryptocurrency, was selling below $30,000 at the time. Ethereum, the second most valuable cryptocurrency by market value, has dropped below $2,000.
TODAY'S BITCOIN PRICE
The price of bitcoin was $29,323.42, down 3.02 percent. The price of Ethereum declined 2.82 percent to $1,980.33.
"After a well-known fashion brand, Balenciaga, announced that it would accept crypto payments, bitcoin and other cryptocurrencies soared on Monday, but then plummeted. Bitcoin is currently selling at US$29,200, its lowest price since January 2021 "Mudrex's CEO and Co-Founder, Edul Patel.
"Despite the significant volatility, Bitcoin managed to stay above its support level of US$27,000, the lowest in its year-long trading range. Following Terra's meltdown, it appears that investors and institutions have taken a breather and are cautious to return to the market "Patel explained.
XRP dropped 2.87 percent, Solana dropped 5.43 percent, Cardano dropped 4.21 percent, Stellar dropped 4.05 percent, Avalanche dropped 6.78 percent, and Polkadot dropped 2.46 percent.
Other significant alt coins like Dogecoin and Shiba Inu plummeted 2.39 percent and 1.10 percent, respectively.
