BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Crypto Market Crash Continues Past its $600 Billion Loss

by BlockNews.com Team
May 12, 2022
in CRYPTO, INVESTING
Reading Time: 2 mins read
A A
Crypto Volatility

Crypto Volatility

2
SHARES
30
VIEWS
Share on XShare in TelegramShare on Reddit

This Thursday, Bitcoin and other cryptocurrencies took a major hit amid a crash of digital assets. The loss has wiped away $600 billion in a market capitalization in just a week. 

Bitcoin has fallen 9% in the last 24 hours to a price of $28,000, and dipped to an all-time low of $26,000; the lowest it’s seen since late 2020. The coin has suffered a quarter loss of its value this week and is following a consistent trend downwards. 

The damage does not end with Bitcoin. Ethereum, the runner-up most popular digital asset, saw a 20% drop to around $1,900; the lowest it’s been since July 2021. The token underpinning the Ethereum network has lost one-third of its overall value in the past week. 

Altcoins Brushed By Death

An even darker shade of red is being seen amongst altcoins, the smaller tokens of the crypto-ecosystem with Solana, Cardano, and Avalanche all falling 25% to 30% this week.

Coins that were originally intended as internet jokes rather than serious blockchain projects were also brushed by death, with Dogecoin and Shiba coin both losing about 25%.

Stablecoins Under Immense Pressure

A dramatic turn for cryptocurrency as Tether, which is meant to serve as a stable coin and maintain a 1:1 peg with the U.S. dollar– fell in value to a trading value of 96 cents to the dollar. 

Stablecoins play an important part in the cryptocurrency world as they are meant to provide stability to traders and the market, and they currently make up about 90% of all digital asset trading volumes. These coins are a main medium of exchange for payments, trading, lending, and other types of transactions on the blockchain. 

The coin Tether is meant to be backed 1:1 by real assets, but unlike Tether, the coin TerraUSD, an apparent algorithmic stablecoin that uses financial engineering and an assortment of opportunity with another token, Luna, to maintain its peg. TerraUSD’s meltdown in the past week, when it traded as low as a quarter on the dollar, has worsened the latest crypto selloff. 

Stablecoins haven’t been isolated in their downward force in the crypto market. 

While theoretically Bitcoin and other coins should trade independently of other traditional financial markets, they have shown to be greatly correlated with the stock market, moreso tech stocks. 

The stock market in itself has been going through its own barrage of issues and volatility amid anticipation that the Federal Reserve will be moving aggressively to control inflation at a multi-decade high, with the risk being that swiftly rising borrowing costs could elicit a recession. 

These sorts of conditions significantly threaten sentiments among “risky” assets like cryptocurrencies and tech sector stocks. 

Tags: crypto
Tweet1ShareShare
Previous Post

“Pepe the Frog” NFT Owner files $500,000 against the original creator

Next Post

Bitcoin Falls More Than 50% from it’s All-Time High

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.