Since the collapse of the TerraUSD algorithmic stablecoin, which prompted a sell-off in cryptocurrencies, the bitcoin price has been hovering around. The world’s largest and most popular cryptocurrency fell over 2% to $29,396.
Automated tweet. Every hour.
— Crypto Price Updates (@cryptoprices_xd) May 24, 2022
The token has dropped 36% this year and is trading well below its top of $69,000 in November 2021.
On the other side, Ether, the second-largest cryptocurrency and the unit tied to the Ethereum network, declined roughly 2% to $1987. Meanwhile, the price of dogecoin was down to $0.08 today, while Shiba Inu remained practically unchanged at $0.000012.
Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Terra (Luna), Litecoin, and Uniswap all saw their values drop in the past 24 hours, but Uniswap and Tron saw their values rise.
Since data revealed rising US inflation, investors have grown concerned about the economic effects of aggressive central bank tightening and have sold off risk assets, including cryptocurrencies, this year.
Since the crypto market slump began in April, billions of dollars have been lost in market value.