The global cryptocurrency sector continues to tank, and the market capitalization has been down by one percent in the last 24 hours. It stood at $1.28 trillion.
Cryptocurrency Prices: BTC falls Below $30,000 levels
Bitcoin has further tanked and was trading below the $30,000 level, reports The Economic Times. It has once again slid into the narrow strip where it has been trading since May 2022. The numero uno crypto asset has crashed by 0.6% and, until last news, was trading at $29,964. Bitcoin (BTC) has tanked in its value by 35% in the past year. The crypto coin had reached an all-time high of $69,000 it had hit in November last year.
The second most valuable crypto coin, Ethereum(ETH) fortunes, were no different, and it also crashed by 0.5% ad was changing hands at $1,784.
Dogecoin Prices Dismal, Shiba Inu Marginally Better
Another much-hyped and Elon Musk favorite, Dogecoin, looked a pale resemblance to its former glory and was trading at $0.07. Dogecoin killer Shiba Inu did marginally better, up 0.2% to $0.000011.
The fortunes of other crypto assets were mixed. Cryptocurrency Prices of coins that were trading at a larger scale included Avalanche, Polygon, Chainlink, Terra Luna Classic, Tether, Solana, Polkadot, Stellar, Uniswap, XRP, and Tron in the last 24 hours. Cardano, and Litecoin, however, remained in the red zone.
The crypto sector is pensively waiting for the outcome of the investigation by The US Securities and Exchange Commission. The Commission was investigating if the TerraUSD stablecoin had violated federal investor-protection regulations before its crash. Terraform, the company running the TerraUSD stablecoin is also the subject of the investigation by SEC enforcement attorneys, who ensure that the company has not broken the rules for securities and investment products.
The Terra crash has shaken the crypto sector to its core, and in its aftermath, US Treasury Secretary Janet Yellen has labeled cryptocurrency assets are a ‘very risky’ choice and must never be included in the retirement plans of average savers.