On Thursday, May 12, Bitcoin prices fell below $27,000, and Ethereum tested the $1,800 level. In the 24 hours, the first asset fell 13.5%, the second lost more than 21% of its value, according to CoinGecko.
At the time of writing, Bitcoin was trading near $27,500, Ethereum at $1,880.
The blue chips dragged the rest of the market — total market capitalisation fell 18% to $1.2 trillion. All top-10 assets by market cap were in the red. The worst performers were Solana (-34.4%), Cardano (-32.6%), and Dogecoin (-30.4%).
Terra (LUNA) price over the 24 hours collapsed by almost 100%, to $0.26. The asset’s market cap fell to $721 million — last month the figure exceeded $30 billion.
According to CoinGlass, the daily volume of liquidations on the futures market exceeded $1.23 billion. The largest single liquidation was recorded on BitMEX — a position worth $10 million was forcibly closed.
On decentralized markets a similar picture emerges. According to OKLink, over the last 24 hours total liquidation volume on lending DeFi platforms reached $170.84 million — a record since May 2021.
The Crypto Fear and Greed Index reached 12 points (‘extreme fear’).
Bitcoin Fear and Greed Index is 12 — Extreme Fear
Current price: $29,138 pic.twitter.com/C4idj1L1mW— Bitcoin Fear and Greed Index (@BitcoinFear) May 12, 2022
Earlier in May, the algorithmic stablecoin TerraUSD (UST) again lost its peg to the US dollar. The token used to mint it, LUNA, collapsed by 97% in 24 hours.