Crypto Crash: ‘A Sea of Blood’ as Top Coins Plunge Double Digits

Vinod Dsouza
Crypto Crash

This week’s crypto crash is touted to be the worst fall this year as top coins plunged double digits today. The bloodbath seems to be on a never-ending spree as the market is dipping for three days consequently. Recovery is nowhere on the horizon and fears loom that Bitcoin might slip under $23,000. Bitcoin is down 14% today and Ethereum has also plummeted 24%. The market is bleeding profusely wiping away billions worth of investment in a jiffy.

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Among all the coins that are down, Terra (LUNA) is the worst hit as it dipped 99% in just 2-days. The crypto, which was under the top 10 list for a year, is now battered in the indices. Its reputation is gone for a toss and LUNA has now become the butt of all jokes online. While some claim it’s the best time to ‘buy the dip’ on LUNA, others are staying away from it due to the damage already done. Its UST stablecoin got depegged and straightaway fell to $0.40 and is unable to recover yet.

The Crypto Bubbles chart showcases a ‘sea of blood’ and the majority of the tokens are down more than 30%. Even top cryptos have crashed by 50% losing all the profits they generated last year. The market is now at its 10-month low and could dip further during the weekend.

Not a green in sight. Source:

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Crypto Crash Spook Investors

Bitcoin BTC Crash

The crypto market showed yet again that its high volatility is not for the faint-hearted. If it can go up 50% in a month, it can also go down 60% the very next week. The volatility spooks the new and first-time investors who have just learned about the new financial system. New investors will now stay away from the crypto market with fears of losing their savings in the span of a day.

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Today’s crash will keep thousands of investors to stay away from the market in an effort to protect their finances. At press time, Bitcoin was trading at $27,056 and is down 13.9% in the 24-hours day trade. On the other hand, Ethereum is trading at $1,827 and is down 23% in the day’s trade. Worst of all, LUNA is at $0.28 and is down 97%. Read here to know how Terra (LUNA) investors reacted to the crash.