In cryptocurrencies, Bitcoin price today fell below $30,000 after advanced back above the $31,000 mark in the previous session. The world’s largest and most popular cryptocurrency plunged more than 4% and was trading at $29,370.
Bitcoin has been trading around the $30,000 level for weeks now, defying predictions of a potential further decline but also struggling to gain upward momentum as the broader US market has also taken a beating. The digital token is down over 35% so far this year, and trading far below its record high of $69,000 it had hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about 7% to $1,782. Meanwhile, dogecoin price today was trading 6% lower at $0.07 whereas Shiba Inu also was down nearly 6% to $0.000010. The global cryptocurrency market cap today is $1.27 trillion, down about 2% in the last 24 hours.
Other digital tokens’ performance also declined as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Terra Luna Classic, Chainlink prices were trading with cuts over the last 24 hours.
Stablecoins are continuing to face scrutiny from global regulators following the collapse of the Terra/Luna ecosystem in May, which has further undermined confidence in the space; algorithmic stablecoin UST is trading at $0.016, according to data from CoinGecko, sinking even lower after losing its peg to the dollar.
On Friday, Japan became one of the first major economies to introduce a legal framework around stablecoins, following UST’s implosion. Stablecoins must be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value, according to the new law.
Total assets under management (AUM) across digital asset investment products fell 28.6% sequentially to $34.2 billion as of 26 May amid a major fall in prices of various cryptocurrencies, according to a report by digital asset data provider CryptoCompare.
(With inputs from agencies)
