Home Argentina market Bitcoin Fades Towards $30,000 As Global Crypto Market Cap Falls (Cryptocurrency: BTC-USD)

Bitcoin Fades Towards $30,000 As Global Crypto Market Cap Falls (Cryptocurrency: BTC-USD)

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Bitcoin (BTC-USD), the world’s first-ever cryptocurrency, plunges toward $30,000 in Monday afternoon trading as speculators are increasingly adopting the sell trigger on risky assets.

Looking at its intraday price action, bitcoin (BTC-USD -10.8%) extends losses from Monday morning, changing hands at $30.8,000 shortly before 3:30 p.m. ET. Ethereum (ETH-USD) -11.0%) also drops to $2,280 in the last 24 hours. The three major US equity indices are also facing increased volatility and selling pressure, with the tech-heavy Nasdaq (COMP.IND) -3.4% most.

The global crypto market cap is crashing to $1.41T from $3T just about six months ago, according to data from CoinMarketCap.

The risky environment in the cryptosphere resembles that of tech and internet stocks during the Dotcom collapse in the early 2000s, wrote billionaire entrepreneur Mark Cuban, known as a strong proponent of the decentralized space, in a Twitter. Publish.

“Crypto is going through the lull that the internet has been through,” Cuban pointed out, adding that “using smart contracts to improve business and profitability” will be the next driver, although “chains that copy what everyone world has, will fail.”

Stablecoins are not as “stable” as advertised. Amid a crypto market sell-off, some stablecoins are unpegged as crypto whales dump huge stakes. Earlier, TerraUSD (UST-USD), the third-largest stablecoin by market capitalization, broke its peg to the US dollar amid a series of major outflows. Since then, the algorithmic stablecoin has fallen to $0.95 around 2:45 p.m. ET. Undersecretary of the Treasury for Home Finance Nellie Liang in mid-February digs deeper into the risks and benefits of stablecoins, pointing out that they aren’t really backed dollar-for-dollar.

In other crypto-related news, Argentina’s central bank had banned banks from offering digital asset services, according to a statement dated May 5. “The measure ordered by the BCRA Board of Directors aims to mitigate the risks associated with transactions with these assets that could be generated for users of financial services and for the financial system as a whole,” the statement said.

In the meantime, here’s what a crypto bloodbath looks like: the binance coin (BNB-USD -14.3%), ripple (XRP-USD -14.5%), solana (SOL-USD -13.6%), cardano (ADA-USD -16.6%), dogecoin (DOGE-USD -14.2%), avalanche (AVAX-USD -16.1%), polka dot (DOT-USD -17.4%), wrapped bitcoin (WBTC-USD -10.9%), close to the protocol (NEAR-USD -5.8%), polygon (MATIC-USD -17.4%), Litecoin (LTC-USD) -16.4%) uniswap (UNI-USD -11.4%), bitcoin cash (BCH-USD -13.8%) and algorithm (ALGO-USD -15.7%).

Previously, shares of crypto miners fell more than bitcoin as investors turned away from risky assets.