Cryptocurrency Market Crashes Further Leading to $1 Billion in Liquidations

Cryptocurrency
Pictures Credit: Via Unsplash by Kanchanara Rayx

Cryptocurrency market crashed further leading to $1 billion in liquidations leaving the investors in panic. The Bitcoin was trading at $29961.93 early on 10 May 2022 after four straight days of falling prices. The over all crypto market is valued at below $1.5 trillion after dropping around 13%.

Bitcoin reached 30,000 test level which was more than 55% down from its all-time high of $69,000 in November 2021. Other cryptocurrencies like Bonded Luna, Terra, Theta Network, Avalanche, Cronos, Solana, Ethereum, Polkadot suffered the double-digit slump.

In the last 24 hours, Bitcoin was down by 5.59%, Terra 45.93%, Avalanche 3.10% and Solana was down by 0.11%. Terra Luna’s UST lost its peg with US dollar which led to the steep fall in its prices.

Crash Rationale

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