Crypto Prices Plunge As Bitcoin Below $30,000, Dogecoin, Shiba Inu, Others Also Drop Today

A day after Bitcoin rose 5.33% to $30,204.92, adding $1,530.09 to its previous close, as it witnessed another drop today below $30,000. The world’s largest and most popular fell over 3% and was trading at $29,258.10. Notably, Bitcoin is down 36% this year, and it is trading far below the peak of $69,000 it hit in November 2021. The world’s biggest and best-known cryptocurrency has been up 18.9% from the year’s low of $25,401.05 on May 12.

Ether, on the other hand dropped 2.7% trading at $1,963.42 on Saturday. Dogecoin plunged 2.7% trading at $0.084424, while Solana dropped over 4% trading at $49.89 on Saturday. Shiba Inu witnessed a 2% drop trading at $0.00001159 and Polkadot dropped over 3% trading at $9.68 on Saturday.

It is important to note that the 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.

Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.

(With inputs from agencies)

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