Tuesday (24) began with a new wave of bears in the market. By 9am, all major cryptocurrencies on the market were in the red with no bullish outlook for the next few hours. Among Bitcoin, Ethereum, Solana, Polkadot and Avalanche the drop reached 11%.
Bitcoin, the main cryptocurrency on the market, has fallen below $30,000. Accumulating 3.7% down over the last 24 hours, the BTC price was $29,358.
Ethereum, the second largest cryptocurrency on the market, has also seen a sharp drop in the last 24 hours. At around 9am, ETH was down 4.8%, and the price of ETH was at $1,974.
Price of top cryptocurrencies today
THE Binance coin (BNB), the fourth-largest economy in the cryptocurrency market, saw a lighter drop. In 24 hours, the currency retreated just 2.7%. By 9am, the price of BNB was hovering around $323, up 8.6% weekly.
THE XRP retreated 4.6% in the last 24 hours. The current price of XRP is $0.406155.
The coins Cardano (ADA) and Solana (SOL), eighth and ninth economy in the global cryptocurrency market also saw sharp declines. While ADA is down 6%, SOL is down 8% in the last 24 hours. The current price of ADA is $0.515026, while SOL was sold for $49.36.
The coins Polkadot (DOT) and Avalanche (AVAX) they even registered a fall of up to 11% in the last 24 hours. The currencies that were among the 10 largest economies in the market, today occupy the eleventh and fourteenth place in capitalization.
Finally, meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) retreated 5% each. Meanwhile, the token DogeDash (DOGEDASH)recorded a 14% increase in the last 24 hours.
The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, down as much as 2% in the last 24 hours. However, total cryptocurrency trading volume increased by around 35% to $83.81 billion.
Crypto crash a systemic problem? According to Emanuel Evercore, no
The sharp drop in cryptocurrencies and the recent implosion of a $19 billion stablecoin are not enough to label the sector as a threat to broader markets, Julian Emanuel, strategist at Evercore ISI, told Bloomberg.
The collapse of the Terra USD stablecoin and the LUNA cryptocurrency early in May spurred a debate about the security of the cryptocurrency financial system. The debate revolves precisely around regulation and stronger regulations.
Stablecoins are a key part of the digital asset system, serving as a substitute for regular money, and are explicitly designed to retain their value.
When Terra fell from its par with the dollar, it triggered a cryptocurrency sell-off that even hit Tether, the largest stablecoin. Even so, the cryptocurrency industry is not yet at the stage where it risks triggering wider market turmoil, according to Emanuel.
In a research note dated May 22, Emanuel and two colleagues cited the U.S. rail accident that followed the so-called Panic of 1873 as an example of an industry shake-up that laid the groundwork for long-term prosperity.
“At this point in time, we think it’s too early to believe that Crypto could become a systemic problem like railroads were in the 1870s,” he said in an emailed response to questions. “For Crypto to truly become a ‘systemic problem’ will require a loss of faith in the concept of a ‘store of value’ as well as the concept of a ‘medium of exchange’.
Many regulators disagree. The increase in the size and complexity of cryptocurrency markets puts them on a path to becoming a financial stability risk that must be urgently regulated, the European Central Bank said in a pre-released chapter of its financial stability review on Tuesday. market.
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