Bitcoin and several other top cryptocurrency prices have hit new lows, with the global crypto market cap standing at $1.38 trillion on Wednesday, a 6.44 percent dip in just 24 hours.
The Bitcoin price fell below $31,000 level, hitting a new low of $30,621, which is a nearly five percent decrease in the last 24 hours.
The price of Terra (Luna) has crashed massively to $6.42 in the last 24 hours, which is over 82 percent fall.
On the other hand, TerraUSD (UST) price has fallen over 50 percent in the last 24 hours to $0.4408.
Binance, one of the top global crypto exchanges, temporarily stopped the withdrawal of UST and LUNA.
“All this led to a cascading effect on the prices of LUNA, spiraling it out of control. The daily chart for LUNA has broken below the ascending channel pattern. An immediate support could be expected at $4,” WazirX Trade Desk said in a note.
LUNA has lost around 94 percent of its market share in the last seven days, with its price dropping over 82 percent in the last 24 hours.