Cryptocurrency prices today crash; Bitcoin below $28,500, Terra plunges 94%

Cryptocurrency prices today crashed with Bitcoin falling to its lowest level since January 2021. The world's largest and most popular cryptocurrency plunged more than 9% to $28,414. The global crypto market’s value today plummeted about 13% in the past 24 hours to $1.3 trillion, according to pricing from CoinGecko.

Bitcoin has at present slumped more than 50% lower compared to its all-time high of near $69,000, which it hit in November last year, and was trading near one-year lows at around $32,000 level.

“Bitcoin dipped to $28,000, which is its lowest since the past two years after TerraUSD collapsed. The downfall of the stablecoin UST has impacted the crypto market to a great extent as most of the investors and institutions have invested in it. Even though BTC had many crashes before, it rebounded immediately. There are chances of BTC breaking below the current level even further this time," said Edul Patel Co-Founder & CEO of Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also tanked about 10% to $2,087. Meanwhile, dogecoin price today was trading over 20% lower at $0.08 whereas Shiba Inu also fell more than 24% to $0.000012.

Other digital tokens' performance also declined as Solana, Polkadot, Cardano, Uniswap, XRP, Avalanche, Polygon, Stellar prices were trading with gains in the range of 10-30% over the last 24 hours, however, Terra crashed over 94% to $0.77, while Tron gained slighlty.

Crypto assets have been under pressure over the past month, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation.

Meanwhile, crypto trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop to date on Wednesday as the famously volatile crypto market weathers yet another slump.