Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano, Solana, Shiba Inu (SHIB) and Dogecoin (DOGE), continued to stay in the red. The cryptocurrency market continues to trade lower. The global crypto market capitalisation went down by 4.91 per cent to $1.24 trillion as of 8.40 pm. However, the global crypto trading volume was up by 3.44 per cent to $80.21 billion as per Coinmarketcap data.
In other news, Terraform Lab’s entire internal legal team has reportedly resigned shortly after the collapse of its cryptocurrency (LUNA) and stablecoin UST.
Click here to read more about the events which subsequently led to the collapse of Terra (LUNA).
Bitcoin, the world’s oldest cryptocurrency, was trading at $29,069.25, lower by 3.73 per cent in the last 24 hours. Ethereum was down by 6.4 per cent to $1,937.60.
— Robinhood (@RobinhoodApp) May 17, 2022
Among other significant coins, Cardano (ADA) was down by 10.23 per cent at $0.5121, Algorand (ALGO) was trading with a loss of 10.09 per cent at $0.4381, Solana (SOL) was trading with a loss of 12.05 per cent at $49.81, Polkadot (DOT) was down by 11.68 per cent at $9.54 and Binance Coin (BNB) was down by 3.73 per cent at $293.10.
Today’s top gainer was Bitsubishi (BITSU), which was up by 3,627.94 per cent at $186.70. The top loser was junca Cash (JCC), which was down by 86.44 per cent at $0.04698.
“Bitcoin continues to trade around the $29,000 threshold. Ether and other major altcoins remain in the red. This bearish trajectory continues, along with the fall of the equities market. There’s almost no sign of upside over the short-term,” says Gaurav Dahake, CEO and founder, Bitbns.
Meme Coin And DeFi Prices
Dogecoin was down by 7.03 per cent at $0.08362. Its volume to market cap ratio stands at 0.0545. Rival Shiba Inu was down by 8.32 per cent at $0.00001146.
Dogelon Mars (ELON) lost 6.99 per cent to trade at $0.0000004779, Floki Inu (FLOKI) was down by 12.74 per cent at $0.000008917 and Samoyed Coin (SAMO) lost 3.55 per cent at $0.005906.
In the DeFi segment, YFI (yearn.finance) was down by 10.03 per cent at $9,129.27, and Terra (LUNA) was trading with a loss of 20.19 per cent at $0.000148. Avalanche (AVAX) was down by 11.95 per cent at $29.57, Uniswap (UNI) was trading with a loss of 8.9 per cent at $4.90 and Aave (AAVE) by 11.25 per cent at $82.95.
It has been a challenging time for Terra. “The past week has been challenging for Terraform Labs, and a small number of team members resigned in recent days. Terra is more than UST, with an incredibly passionate community and a clear vision on how to rebuild. Our focus is now on executing our plan to revive the Terra ecosystem,” Terra’s spokesperson was quoted by The Blockcrypto.com as saying.
Meanwhile, US stock and crypto trading company Robinhood has reportedly launched their non-custodial web 3.0 enabled wallet which rivals Metamask, Coinbase and others. “Trade and swap crypto with no network fees. A web3 wallet from us. Get early access,” read a tweet posted by Robinhood.