100s of titles, one news app for just $10 a month.
Dive Deeper:
Crypto market takes breather from selloff, Bitcoin nears $31k; Is the worst over?
In Fitch's opinion, there could be significant negative repercussions for cryptocurrencies and digital finance if investors lose confidence in stablecoins.
Bitcoin, Ethereum, Dogecoin Extend Losses On Inflation Report, Terra (LUNA) Fiasco: Whales Become 'Extremely Active' For This Coin
Major coins crashed sharply with Ethereum down more than 10% as the global cryptocurrency market cap dropped 10.25% to $1.3…
Dogecoin Crashes Sharply As Crypto Market Goes Down Bottomless Pit: Who Is To Blame?
Dogecoin (CRYPTO: DOGE) plunged sharply by over 30% to $0.07 in the 24 hours leading up to the early hours…
Cryptocurrency prices today: Bitcoin, dogecoin, Shiba Inu, Solana surge; Terra plunges 49%
Cryptocurrency Bitcoin's price has at present slumped more than 50% lower compared to its all-time high
One subscription that gives you access to news from hundreds of sites
Cryptocurrency prices today crash; Bitcoin below $28,500, Terra plunges 94%
The global cryptocurrency market’s value today plummeted about 13% in the past 24 hours to $1.3 trillion
Why Is Dogecoin Crashing Massively Today
Dogecoin (CRYPTO: DOGE) traded 22.3% lower at $0.09 over 24 hours leading up to Wednesday morning.
Get all your news in one place
Latest Business news:
Asian stocks up after Wall Street dip on China's Covid-bruised data
Hong Kong (AFP) - Asian stocks rose Tuesday despite a lukewarm lead from Wall Street after weak Chinese economic data…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Musk: Twitter deal at lower price "not out of the question"
Musk has continued to express skepticism about the company's estimate of spam and fake accounts.
Netflix toys with live TV as sales slump
Would pouring more money into original content do anything to help Netflix's profits?
Michael 'Big Short' Burry Shorts Apple
Hedge fund investor Michael Burry bets against Apple.
Once a powerful symbol in Russia, McDonald's withdraws
Two months after the Berlin Wall fell, another powerful symbol opened its doors in the middle of Moscow: a gleaming…
From analysis to good news, read the world’s best news in one place
U.S. backs U.N. push to get Ukraine grain back to global market
The United States supports efforts by U.N. Secretary-General Antonio Guterres to get Ukrainian grain back into the international marketplace amid…
ASX rises despite economic worries, Wall Street struggles on recession risk
Mining and energy companies propped up the Australian share market on Tuesday, though worries about a global economic slowdown and…

Bitcoin reaches near $29,000, lowest since June 2021. Check latest updates

By Pooja Sitaram Jaiswar
Representations of virtual cryptocurrencies are seen in this illustration. (REUTERS)

Although, cryptocurrencies are seen as a resort to hedge funds against inflation which has been soaring stubbornly in the past few months pushing major central banks to tighten monetary policy stance and hike key rates.

In a raging inflation case, cryptocurrencies especially Bitcoin could have a possible moment of glory, however, concerns about economic growth from the shocks of the pandemic and a possible scenario of recession going ahead - have led to vulnerability and panic selling in this market.

On Wednesday, Bitcoin dropped to almost $29,011.10 - the lowest since June 2021. It traded currently around $29,500 with a market up of around $597.7 billion. The performance comes after a hotter-than-expected inflation data.

As per Coinbase data, in the last 24 hours, Bitcoin has slumped by around 8%, while the decline is around 24% in the last seven days. In a year, Bitcoin has plummeted by around 47.5%. 

The second-largest crypto, Ethereum dived over 3% in the last 24 hours, while the drop is more than 18% in the last seven days.

The latest US consumer price index moderated for the first time in eight months, however, stayed near its four-decade highs. As per the Bureau of Labor Statistics, US inflation increased 0.3% in April on a seasonally adjusted basis after rising 1.2% in March. Over the last 12 months, the all items index increased 8.3% before seasonal adjustment.

As per BLS, increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9% over the month as the food at home index rose 1%. The energy index declined in April after rising in recent months. The index for gasoline fell 6.1% over the month, offsetting increases in the indexes for natural gas and electricity.

As per CoinMarketCap, the global crypto market cap is at $1.29 trillion - a 13.08% decrease over the last day. The total crypto market volume over the last 24 hours is $173.99 billion, which makes a 20.10% decrease.

Further, the total volume in DeFi is currently $19.95 billion, 11.47% of the total crypto market 24-hour volume. The volume of all stable coins is now $161.58 billion, which is 92.86% of the total crypto market's 24-hour volume.

Among the trending cryptocurrencies is - TerraUSD which dipped around 56%, Terra Luna slipping over 95%, IOTA diving 24.5%, and Anchor Protocol shedding over 77%. 

The decentralized stablecoin running on Ethereum that attempts to maintain a value of $1.00, is now trading below $0.5. Terra USD has slumped by more than 60% in the last 24 hours, while the plunge is about 85% over the last seven days.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Crypto market takes breather from selloff, Bitcoin nears $31k; Is the worst over?
In Fitch's opinion, there could be significant negative repercussions for cryptocurrencies and digital finance if investors lose confidence in stablecoins.
Bitcoin, Ethereum, Dogecoin Extend Losses On Inflation Report, Terra (LUNA) Fiasco: Whales Become 'Extremely Active' For This Coin
Major coins crashed sharply with Ethereum down more than 10% as the global cryptocurrency market cap dropped 10.25% to $1.3…
Dogecoin Crashes Sharply As Crypto Market Goes Down Bottomless Pit: Who Is To Blame?
Dogecoin (CRYPTO: DOGE) plunged sharply by over 30% to $0.07 in the 24 hours leading up to the early hours…
Cryptocurrency prices today: Bitcoin, dogecoin, Shiba Inu, Solana surge; Terra plunges 49%
Cryptocurrency Bitcoin's price has at present slumped more than 50% lower compared to its all-time high
One subscription that gives you access to news from hundreds of sites
Cryptocurrency prices today crash; Bitcoin below $28,500, Terra plunges 94%
The global cryptocurrency market’s value today plummeted about 13% in the past 24 hours to $1.3 trillion
Why Is Dogecoin Crashing Massively Today
Dogecoin (CRYPTO: DOGE) traded 22.3% lower at $0.09 over 24 hours leading up to Wednesday morning.
Get all your news in one place