Bitcoin price hits 16-month low, crypto market crashes
India Today
The world's largest cryptocurrency dropped around 12 per cent to as low as $27,194.41, its lowest since January 2021.
Bitcoin's price fell to its lowest in 16 months on Thursday amid a massive sell-off of digital assets. Other major cryptocurrencies continue to fall alongside risk assets such as tech stocks, and are also dragged down by the collapse of TerraUSD, the so-called stablecoin which lost its dollar peg this week.
The world's largest cryptocurrency dropped around 12 per cent to as low as $27,194.41, its lowest since January 2021.
"Bitcoin traded at its lowest at US$28,000 in the past 24 hours, which is the weakest in the past two years. BTC fell nearly 11 per cent with increasing selling pressure. BTC may likely break below the current level," Edul Patel, CEO and Co-founder of Mudrex said.
"Along with several macroeconomic factors, the downfall of the stablecoin UST has also impacted the crypto market to a great extent," Patel said.
The world's second largest cryptocurrency by market capitalization, Ethereum fell by 23 per cent to $1,841.12.
Other cryptocurrencies such as XRP was 34 per cent, Solana fell by 38 per cent, Cardano fell 35 per cent, Stellar fell 29 per cent, Avalanche was down by 39 per cent, Polkadot tanked 32 per cent, and Terra USD fell by 27 per cent.
Other major alt coins such as Dogecoin was down by 35 per cent, and Shiba Inu fell by 38 per cent.
