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Home/Bitcoin back below the $30,000 mark

Bitcoin back below the $30,000 mark

The world's largest and most popular fell over a percent and was trading at $29,879.12

Bitcoin price today lingered below the $30,000 mark in cautious trading as the fallout over a collapsed stablecoin continued to keep sentiment in check. The world's largest and most popular fell over a percent and was trading at $29,879.12. It is down 36 per cent so far this year, and trading far below the peak of $69,000 it hit in November 2021.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, dipped over 2 per cent to $2,032. Meanwhile, dogecoin price today was trading lower at $0.08 whereas Shiba Inu also declined nearly 2 per cent lower to $0.000012.

Other digital tokens' performance were mixed as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot prices were trading with minor cuts over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 32 per cent to $0.00017, while Tron, Litecoin, Uniswap gained.

Bitcoin is nursing a 21 per cent loss so far in May, the worst monthly slump in a year, following last week’s crypto sector turmoil over the collapse of the TerraUSD algorithmic stablecoin, also known by its ticker UST, and Tether’s brief dip from its dollar peg.

Meanwhile, global crypto funds saw record weekly net inflows for this year, totalling $274 million last week (7-13 May), a strong signal that investors saw the recent terraUSD (UST) stablecoin de-peg and its associated broad sell-off as a buying opportunity, digital asset manager CoinShares said.

The world’s biggest crypto asset, Bitcoin, benefitted the most with inflows totalling $299 million last week, suggesting investors were flocking to the relative safety of the largest digital asset.