Crypto Decline Continues, Bitcoin Falls Below $28.000

by in Cryptocurrency News

crypto market news

Prices of cryptocurrencies continue to decline. Bitcoin dropped below $28,000 and currently trades at around $27.900. The lowest price was around $26,350. Bitcoin's market cap stands at above $529 billion. Ether trades at around $1,880.

Related: LUNA Price Fell More Than 90%, Fluctuations Continue

The total crypto market cap decreased by over 13% in the last 24 hours and stands at $1.19 trillion. The crypto market crash is happening amid economic difficulties worldwide.

To deal with the situation, the Federal Reserve announced raising interest rates. While the dollar is getting stronger, uncertainty in financial markets grows.

Stablecoins also are seeing fluctuations. TerraUSD (UST) doesn't show signs of recovering. Although in the last 24 hours, UST went up by around 46% and reached $0.6, it is still below its $1 peg. Terra's native governance token LUNA fell by over 99% and trades at $0.1.