Crypto Crash Latest Update (May 19): Bitcoin, Ethereum, Solana, ADA, BNB to DOGE, MATIC – Top Cryptocurrencies lose upto 12%

Crypto Crash News and Top Cryptocurrency Prices Today in India (May 19, 2022): The global crypto market cap continued to shrink further in the last 24 hours amid a prevailing sentiment of “extreme fear”. At the time of writing, global crypto market cap dropped to $1.24 trillion from the $1.29 trillion recorded on Wednesday, as per data on CoinMarketCap. Bitcoin price has also crashed to below $29,000 level. 

The global cryptocurrency market volume over the last 24 hours increased by 3.44% to $80.00 billion. The total volume in DeFi was $7.31 billion, which is 9.12% of the total crypto market 24-hour volume. Stable coins volume was $70.33 billion, which is 87.68% of the total crypto market 24-hour volume. 

Bitcoin price dropped below the $29,000 level, falling 3.35 percent in the last 24 hours.

ALSO READ | What is happening to Bitcoin amid global crypto market crash?

More investors to sell Bitcoin?  

Altcoins are performing worse than Bitcoin in the current market crash, indicating a lower appetite for risk among crypto traders. 

Experts say that a spike in the number of Bitcoins on exchanges has been noticed, indicating there might be further sell off of the top crypto. 

“BTC’s price dropped below the $29,000 level, while ETH’s price slid below $2000 over the last day. Alongside this dip, data revealed a spike in the supply of Bitcoin on exchanges. Usually, investors send their Crypto holdings to exchanges with the intention of selling,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online. 

ALSO READ | Crypto crash Update on May 18

Explaining the reason behind current market crash, he said, “The effects of US Federal Reserve Chair Jerome Powell’s latest comments on adding pressure and taking ‘aggressive’ measures to address inflation were seen in the markets. Just a day after his comments, S&P 500 and Nasdaq indexes had dropped. As the traditional markets priced in the scenario, a risk-off sentiment took hold of the markets. Owing to BTC’s high correlation with the S&P, the cyryptomarkets slid down the charts, in lockstep with the equities markets.” 

Top Crypto Prices

Meanwhile, many of the top crypto prices fell further in the last 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 5.29% to $1957 in the last 24 hours. In the last 7 days, ETH price has decreased by 3.55%. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance coin’s price  decreased by 2.95% to $295 in the last 24 hours. In the last 7 days, BNB price has increased by 13.2%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 2.53% to $0.4085 in the last 24 hours. In the last 7 days, XRP price has increased by 4.45%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.  

Solana (SOL): Solana price decreased by 10.15% to $50 in the last 24 hours. In the last 7 days, SOL price has increased by 6.21%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 8% to $0.5209 In the last 24 hours. In the last 7 days, ADA price has increased by 7.47%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.  

Popular memecoin Dogecoin’s (DOGE) price dropped by 6.23% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08376.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) declined by 9.26 and 11.87 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic( price crashed by over 10% to 0.6377 in the last 24 hours. It is currently ranked 17th on CoinMarketCap. 

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)