Prices of other cryptocurrency have fallen, and the price of the most popular one fell below $30,000 in July 2021.

Bitcoin dropped by 11% over 24 hours and fell to $29944. The digital asset is now slightly higher at $31,390 but it’s still more than half of its record high of $69,000 last November.

Others cryptocurrencies weren’t immune from the market turmoil. Top-10 altcoins also saw double-digit falls – 20%), (16%)3, (13%), BNB (16%) and (10)

Overall, crypto markets fell 13% over 24 hours with total market capital dropping to $1.37 Trillion. The market has fallen into fear.

Current crypto market fear and greed index sits at 10 – down from 11 over the past 24hrs and 27 last week.

Surprisingly, declining market prices had adverse effects on stablecoins. USD suffered a 1:1 loss to its USD peg after falling to 0.6841. Since then, stablecoin prices have rebounded and are currently at $0.9

As more institutional investors jumped on the crypto train over the past year, Bitcoin’s correlation with stock prices has continued to increase. Wall Street’s troubles are not over, however. Tech stocks have also seen significant falls. They fell by 4.2%.

The nervousness may not be unconnected with the Federal Reserve’s move to suppress inflation, which is at its highest since the early 1980s. This week the Fed raised its interest rate by 50 basis point. To combat inflation, the Fed is going to sell bonds rather than buying them.

To compound Bitcoin’s woes, Luna Foundation Guard opted to empty its $750 million Bitcoin reserves to boost Terra’s LUNA stablecoin.

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