Affected by the collapse of the stable currency terrausd, the massacre in the cryptocurrency market continued on Thursday, with firewood dog and dog coins falling 30% and 25% respectively. The transaction prices of bitcoin and Ethereum fell by nearly 9% and 15% respectively. Zhitong finance noted that the global encryption market lost about $830 billion in market value in six weeks.
As of May 12, the market value of global cryptocurrencies fell to $1.24 trillion from $2.07 trillion on April 2, 2022. However, according to coinmarketcap, global cryptocurrency transactions increased by 39.34% to $218.06 billion.
Bitcoin's trading price has fallen by more than 10% in the past 24 hours, to $26772 as of press time.
Ethereum also fell nearly 20% to $1898.
Bitcoin once fell below the support level of $30000 after the decline of terrausd, a stable currency linked to the US dollar. With the collapse of the well-known stable currency and the losses of most institutional cryptocurrency investors, the market went crazy. In addition to bitcoin, transactions in other major alternative currencies also fell sharply.
Terrausd, also known as UST, should have been "stably linked" to US $1. It keeps the balance between supply and demand by cooperating with Luna, a sister token with floating price, so as to maintain the price anchored at US $1. At each cast UST, Luna equivalent to $1 will be destroyed or removed from circulation, and vice versa.
In the area of defi, yfi (year. Finance) fell 20.44% to US $11005.11. Terra (LUNA) fell 96.42% to $0.5104
Among other major tokens, Cardano (ADA) fell 23.39% to US $0.4863, algorand (algo) fell 27.04% to US $0.4339, BNB fell 18.42% to US $262.59, Solana (SOL) fell 29.6% to US $47.91 and Polkadot (DOT) fell 25.57% to US $8.53.
Doge, which had previously been sought after, fell 25.9% to $0.08175. The ratio of trading volume to market value is 0.247. Rival Shib fell 29.56% to US $0.00001147.
GAURAV dahake, CEO and founder of bitbns, said that the price of cryptocurrency may rebound briefly, but it is not expected to rebound sharply.