Bitcoin New Update LUNA have dropped 90%.

Luna

In the past 24 hours, Bitcoin has plummeted over 9%, Etherium has dropped 15%, and altcoins like LUNA have dropped 90%.

The world's biggest cryptocurrency fell to $26,970, its lowest level since December 28, 2020. It has lost a third of its worth, or $13,000, in the previous eight sessions.

Bitcoin soared to an all-time high of $69,000 in November of 2021. Traders said the stock's latest slump is similar to the Nasdaq's 6.4 percent drop this week.

Another factor at work is the dramatic collapse of TerraUSD, previously the world's third-biggest stablecoin, which violated its dollar peg last week and plunged to as low as 30 cents, wreaking havoc in the crypto market.

Market participants are currently assessing the aftermath of the crash to see whether any large corporations or investors have suffered significant losses, as a potential indicator of broader contagion.

In the previous seven days, Bitcoin has lost approximately 28% of its value. BTC was just $28,542 at the time of publication. Meanwhile, the price of TerraUSD (UST), which is thought to be the driving force of the crypto market crisis, fell by 32% in the previous week. The price of the UST has additionally decreased by 18% over the past 24 hours, to $0.6782.

The crypto industry as a whole has taken a beating this week, and the mood is still shaky. Stablecoins are important components of the crypto market because they allow traders to store assets while moving in and out of other tokens. The value of the many stable coins combined is well over $100 billion, and a growing lack of faith may put the digital-asset ecosystem to the test.

Inflationary pressures in the United States have harmed crypto sentiment, implying rapid interest-rate rises, creating an unattractive climate for risk assets.

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