Today’s Highest Cryptocurrency Prices: Terra Cuts Investors’ Wealth in Half; Bitcoin, Shiba Inu and Solana up 17%

NEW DELHI: There was a bloodbath in the cryptocurrency market on Tuesday as cryptocurrency tokens wiped out up to half of investors’ fortunes within a few hours. Investors rushed to sell digital assets as if there was no tomorrow.

The euphoria over cryptocurrencies led by widespread adoption, increased institutional interest and awareness of blockchain projects has faded and is now being replaced by fear of rising interest rates, geopolitical turmoil and a looming recession.

With the exception of stablecoins pegged to the dollar, all major cryptocurrencies and altcoins were bleeding. Terra slumped more than 49 percent, wiping out half of investor wealth, while Shiba Inu’s 17 percent drop took it out of the top 15 cryptocurrencies.



Bitcoin fell about 10 percent to its lowest level in 10 months, while Ethereum fell by another 8 percent. Solana, Cardano, Avalanche and BNB each fell in the 12-16 percent range each.

The global cryptocurrency market cap has been trading sharply lower at $1.42 trillion, and is down nearly 8 percent in the past 24 hours. However, total cryptocurrency trading volume increased by 85 percent to $181.90 billion.

What is cooking in India?

In what could dampen the mood of crypto investors in the country, the Goods and Services Tax (GST) Council is considering imposing a 28 percent tax on cryptocurrencies, on par with the existing GST on casinos, betting and lotteries, according to multiple media reports.

Services like crypto mining along with sales and purchases are likely to attract a 28 percent GST if the proposal is implemented at the next GST meeting, according to reports. No date has been set for the next meeting of the global stocktake.

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Bitcoin tested its support at $30,000 yesterday, the lowest since July 2021. It broke its short-term uptrend and is now seeing lower support between $27,000 to $30,000, said Edul Patel, CEO and Co-Founder, Mudrex

He added that Ethereum also hit a two-month low on Tuesday. “Most of the cryptocurrencies have dropped significantly since last week after interest rates hikes and geopolitical tensions on the other side. The coming days will be

for the entire coding spectrum.

Global Updates

  • There has been an astonishing amount of inflows into digital asset funds, the first time funds have entered the funds in four weeks. This came despite the decline in the price of Bitcoin (BTC) and most other cryptocurrencies.

  • Coinbase Global, Inc. will continue. (COIN) faces headwinds as the company prepares to report first-quarter earnings on Tuesday after the market closes.

  • Meta CEO Mark Zuckerberg said in a video Monday that Instagram will begin testing the integration of non-fungible tokens (NFT) this week.

  • The Luna Foundation Guard (LFG) will lend $1.5 billion in bitcoin (BTC) and terraUSD (UST) to defend the peg of its algorithmic stablecoin to the US dollar.

Tech Show by Giottus Crypto Exchange
Ethereum, the second largest cryptocurrency by market cap, has been falling along with the rest of the market. From a recent high of around $3,600, it is now trading at just over $2,200. However, this 40% drop isn’t as bad as it might seem.

ETH has shown remarkable resilience as it has not lost its value against BTC, with the ETH/BTC pair actually trading in a tight range since April. Although it was rejected from a major resistance level at 0.075, its price action presents a bullish picture for ETH, which is likely to rebound faster once the market resumes the uptrend.

ET . contributors

In terms of dollar value, while ETH lost an important support near the $2,400 level and also a long-term support trendline, it still has a key ascending $2160 that should put the brakes on further declines.

Next, ETH will need to deal with $2,400 again and the psychological level of $2,500. This should align well with BTC at $33,300 – a relatively modest relief target for the largest cryptocurrency, should it arrive.

Main levels:
Support: $2,200, $2,160

Resistance: $2380, $2500

(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)

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