Wednesday, May 25, 2022
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Bitcoin Falls 8%, Shiba Inu Down 16%, Dogecoin 11% As Crypto Market Nosedives

The crypto market in the early morning trade nosedived, with Bitcoin crashing as much as 8.5%, Terra was down by 50%, Shiba Inu down by 16.5%.

Bitcoin Falls 8%, Shiba Inu Down 16%, Dogecoin 11% As Crypto Market Nosedives
Cryptocurrency Bitcoin and Litecoin

The cryptocurrency market shed a lot of gains on Tuesday with major coins recording steep falls.

The global crypto market cap decreased by 7.53 per cent to $1.42 trillion at 8.50 am. However, the global crypto volume was up by 84.36 per cent to $181.73 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $30,731.92, lower by 8.59 per cent in the last 24 hours. Ethereum (ETH) was also trading lower by 4.51 per cent at $2,326.56.

"Bitcoin continues to retrace, trading around $30,000 with a fall of 20% over the past week. Following which the market is down, all major altcoins are in the red. Rising interest rates and the performance of equities markets have affected the buying behaviour as well as market behaviour," says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was down by 11.68 per cent at $0.6363, Algorand (ALGO) was trading with a loss of 16.68 per cent at $0.6026, Binance Coin (BNB) was down by 10.93 per cent at $310.60, Solana (SOL) was also trading with a loss of 11.82 per cent at $65.28, and Polkadot (DOT) was also down by 14.22 per cent at $11.09.

Today’s top gainer was Metacyber (METAC), which was up by 596.86 per cent at $0.0000001385. The top loser was MetaPay
(METAPAY), which was down by 99.38 per cent at $0.0000005489.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 11 per cent at $0.1086. Its volume to market cap ratio stands at 0.1195. Rival Shiba Inu (SHIB) was down by 16.5 per cent at $0.00001494.

Dogelon Mars (ELON) lost 2.9 per cent to trade at $0.0000006752, Floki Inu (FLOKI) also lost 13.31 per cent at $0.00001098, and Samoyed Coin (SAMO) was down by 10.58 cent at $0.01014. 

In the DeFi segment, YFI (yearn.finance) was down by 12.13 per cent at $13,402.72. Terra (LUNA) was trading with a massive loss of 50.91 per cent at $30.75. Avalanche (AVAX) too lost 15.91 per cent at $43.09, Uniswap (UNI) was also down by 12.15 per cent to trade at $6.14, and Aave (AAVE) too was down by 14.55 per cent to trade at $104.09.

Porto City, Portugal
Porto City, Portugal

Latest Updates

A three-room house in Braga, Portugal, was sold for three Bitcoin (BTC) without conversion to Euro for the first time in the country.

In Portugal, cryptocurrencies are classified as currency and not an asset hence there is no capital gains tax on it; personal tax will be applicable if it is the only mode of income for somebody.

Click here to read more about how Indonesia classifies cryptocurrencies and hence charging VAT on it.

The house was sold by Zome, a Portuguese real estate agency, with the help of Antas da Cunha Ecija, a law firm and partners from Switzerland’s Crypto Valley. The chairman of the Portuguese Chamber of Notaries also participated in this event, reported Bitcoin.com.

Meanwhile, El Salvador purchased 500 Bitcoin (BTC) at an average price of $30,744, President Nayib Bukele tweeted.

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