According to CoinMarketCap data on Tuesday, the worldwide crypto market cap has decreased to $1.41 trillion, down 7.94 percent in the last 24 hours (8.43 am). Almost all of the top ten crypto prices have dropped in the last 24 hours, while global cryptocurrency market volume has surged by 84.76 percent to $182.54 billion.
The overall volume in DeFi was $20.84 billion, or 11.41 percent of the total 24-hour volume in the crypto market. The 24-hour volume of stable coins was $163.94 billion, accounting for 89.81 percent of the total crypto market volume.
The price of Bitcoin has also dropped to $30,932. BTC has also fallen below $30,000 for the first time since July 2021 in the last 24 hours.
Bitcoin’s position as the most valuable crypto asset has remained stable over the last day, at around 41.84 percent. In the last seven days, the price of Bitcoin has dropped 19.63 percent. Bitcoin’s price has dropped 8.26% in the last 24 hours.
Extreme Market Panic!
Experts claim that Bitcoin and other cryptocurrency values are collapsing due to a widespread sell-off fueled by investor panic. Even institutional investors appear to be dumping their crypto assets in large quantities, causing the price to plummet.
Luna Foundation Guard Sell-off
Due to unstable economic conditions across the market, Luna Foundation Guard decided to liquidate around $750 million from its BTC reserves, adding to the current selling pressure. The sale was described by the foundation as a “loan” to OTC traders in order to protect the UST peg.
Inflation Concerns
There is already concern about inflation and the possibility of a recession wrecking the cryptocurrency 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 last year.
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