Most of the major digital assets fell sharply as of Wednesday late afternoon.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, dipped 5.7% in the past 24 hours to $29,838 after touching a new 2022 intraday low of $29,367, according to data from CoinMarketCap.
The most popular cryptocurrency’s trading volume was at $64.91 billion, up 2.3%.
Ethereum (ETH-USD), the second-largest digital asset, skidded more than 8% to $2,177, extending its year-to-date slump to more than 40%.
Terra (LUNA-USD), the 17th-largest digital asset, tumbled 95% to $1.22 as its stablecoin (UST-USD), which is supposed to maintain its peg with the US dollar, dipped 29% to $0.65.
Neutrino USD (USDN-USD), another stablecoin that is supposed to retain its price at $1, fell more than 15% to $0.81.
Gala (GALA-USD), the 16th-largest digital asset, slid 45%.
The cryptocurrency industry’s total market capitalization tumbled 11% in the past 24 hours to $1.361 trillion, down from an all-time high of $3.081 trillion on Nov. 8, according to CoinGecko data.–3:34 PM ET, 05/11/2022 – MT Newswires
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