Growing geopolitical uncertainty led by the Russia-Ukraine war and Srilanka unrest also added to the market woes."īitcoin, the world’s biggest cryptocurrency, has tumbled 28 per cent this year so far. The overall crypto market witnessed a drop of almost 10 per cent. and high inflation kept the investors on their toes as the sellers dominated the market. The tightening of monetary policy by the U.S. ![]() Ether, the most popular altcoin, fell by 9 per cent while WAVES was the only crypto asset among the top 60 which was in the green during the day trade. Bitcoin, the world’s oldest cryptocurrency hit the lowest level since July 2021 and is expected to find a new lower support level. Jennifer Lu, Cofounder at Coinstore, said: “The crypto market globally headed south along with the traditional markets as a result of which most of the crypto assets were in the red. The Fear & Greed index that measures the Market sentiments, is at its lowest since the start of this year," said WazirX in a note. “Bitcoin plummeted below the $30,000 level to record a 12 per cent single drop drop as fear gripped the crypto markets leading to massive sell-offs. Solana, Cardano, Avalanche, BNB plunged in the range of 12-16 per cent each. Bitcoin slumped about 10 per cent to hit 10-month lows, while Ethereum dropped another 8 per cent. Terra tanked over 50 per cent, wiping off half of the investor wealth, whereas Shiba Inu’s 17 per cent drop pulled it out from the top-15 crypto tokens. Barring the dollar-pegged stable coins, all major crypto tokens and altcoins were bleeding. Investors rushed to sell digital assets as if there was no tomorrow. There was a bloodbath in the crypto market on Tuesday as top crypto tokens wiped out up to half of the investors’ wealth in just a few hours.
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