Highest cryptocurrency prices today: digital currency carnage; top coins dive by as much as 99%

[metaworld114]

New Delhi: Digital currencies continued to bleed on Thursday due to a number of factors.
The unstable algorithms of "stablecoins" are hurting crypto market sentiment, while USD-pegged tokens are "debugging" and dragging markets lower.
On top of that, rising inflation numbers around the world have investors worried about a looming economic slowdown. Russia's unprovoked attack on Ukraine has made matters worse.
In the early hours of Thursday, none of the tokens traded in the green. Bitcoin plummeted 8%, while Ethereum fell 13%. The pain for altcoins is even stronger.

Leading names including Shiba Inu, Dogecoin, Polkadot, Solana, BNB, Cardano, and Avalanche lost about one-third of their value in the last 24 hours. Worst hit Terra has wiped out 99.9 percent of investors’ wealth.

The global cryptocurrency market cap was trading sharply lower at the $1.25 trillion mark, down 13 percent in the last 24 hours. However, the total cryptocurrency trading volume rose about 40 percent to $218.14 billion.

What’s cooking in India
In a strongly worded reaction to its recent run-in with the Indian central bank, Brian Armstrong, CEO, and co-founder of Nasdaq-listed Coinbase said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India.

“India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it,” he added.

Global updates
The Terra money machine collapsed almost entirely today. The UST stable coin remains deep in the sub-dollar doldrums for the third day running, and LUNA, its sister token, has fallen almost 99.99 percent off its 2022 high.

Just two months ago, Do Kwon, the founder of the Terra blockchain, tweeted to his followers that DAI, a five-year-old stablecoin, would succumb to the fast-rising growth of Terra’s stablecoin, UST.

Arrington Capital, a crypto-native investment firm with over $1.6 billion in assets under management, has removed from its website $100 million in funding related to Anchor, a yield-generating protocol on the Terra blockchain.
Coinbase Global (COIN) reported first-quarter revenue that fell short of analyst expectations, while its overall trading volume fell 44% from the fourth quarter.
Technical View of Giottus Crypto Exchange
Bitcoin’s bearish time continues as it breaches the $30,000 level for the first time since June 2021. It also marked Bitcoin's seventh consecutive weekly decline. While the Fed's repo rate hike last week affected global markets, yesterday's U.S. inflation data did little to calm nerves.
The Terra (LUNA) fiasco fueled bearish sentiment, sending the coin down more than 99%. Bitcoin is now struggling to break the $30,000 mark and continues to form a bearish market structure - lower highs and lower lows. www.btctalker.com
Until this trend is broken, the bulls are likely to continue to be punished. Below, the next key support lies at $28,100. Bitcoin support at these levels should be monitored before taking any new long positions. On the larger time frame, a reclaim of the $30,000 level is the key to a reversal.
Meanwhile, Bitcoin’s dominance is slowly approaching 44% and could soar in the coming weeks, suggesting that any reversal will not allow money to flow into alternatives. Bitcoin remains the safest option for those who use cryptocurrencies.
main level
Support: $28,500, $28,100, $27,500
Resistance: $29,600, $30,000