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Crypto News Update: Crypto Space Bleeds Red & Top Assets Attempt a Strong Recovery

Crypto News

Crypto Space Bleeds Red, While the Top Assets Attempt for a Strong Recovery

Bitcoin price broke down below the support levels that it held for more than 10 months, raising an alarming situation. The BTC price at the press time is around $29,568 with a drop of 4%. On the other hand, Terra(LUNA) was among the biggest losers for the day by plunging more than 90%, yet hovering above $1. The TerraUSD(UST) after hitting the rock bottom levels around $0.2 recovered well, heading towards $1, and presently trades at $0.78. 


Price Trend  Price for May 13, 2022  Percentage change 
The global cryptocurrency market cap  $1,147,140,089,038
The total crypto market volume $228,822,237,795
Bitcoin Price $26,924.46 -13.64%
Ethereum Price  $1,840.64 -22.62%

*All prices are latest by 11:40, 12 May 2022.


Crypto Price* Percentage Change
USD Coin (USDC) INR 84.69 4.00%
Binance USD (BUSD) INR 84.34 3.50%
Tether (USDT) INR 82.80 1.65%

*All prices are latest by 11:40, 12 May 2022.


Crypto Price* Percentage Change
Terra (LUNA) INR 21.67 -96.75%
Spell Token (SPELL) INR 0.09 -50.78%
Oasis Network (ROSE) INR 4.93 -49.44%

*All prices are latest by 11:40, 12 May 2022.

Crypto Market Buzz

Bitcoin Hits Lowest Price Since 2020 as Ethereum Nears $2,000

Following the crypto market crash, Bitcoin and Ethereum have experienced a significant drop in value; 28% and 30% respectively, in the last 7 days! Terra’s LUNA has lost 99% of its value in the past week as Terra’s UST stablecoin lost its peg. But Bitcoin and Ethereum are by far the leaders by capitalization, as combining the two accounted for roughly two-thirds of the total crypto market cap’s value. 

Source: Decrypt

Latin America’s largest digital bank will allocate 1% to BTC, offer crypto investment services

The largest digital bank in Brazil and Latin America, Nubank announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank.

They have also informed that the integration with cryptocurrencies aims to expand and improve access to this growing market, eliminating complexity and friction for customers to buy, hold and sell digital currencies through the app without the need to open new accounts or transfer cash.

Source: CoinTelegraph

Terraform Labs CEO Do Kwon unveils plan to restore UST peg

Terraform Labs CEO Do Kwon has set out his plan of action to help the stablecoin TerraUSD (UST) return to its dollar peg.  He tweeted, “Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg. There is no way around it.” 

Source: TheBlockCrypto


New Coin Market Capitalization Circulating Supply
Storj (STORJ) $327,741,900 389,834,787.61 STORJ
STEPN (GMT) $1,618,750,340 600,000,000.00 GMT
Audius (AUDIO) $603,107,008 713,381,683.00 AUDIO
JasmyCoin (JASMY) $90,530,704 4.75B JASMY

*All prices are latest by 11:40, 12 May 2022.

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