Highlights May 10: Crypto market crashes, Terra down 50%

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Crypto futures racked up more than $1 billion in liquidations in the past 24 hours amid major cryptos losing key support levels and weak market sentiment.

Top cryptos

Bitcoin (BTC) fell as much as 5% in the past 24 hours. Ethereum saw a similar loss. Dogecoin, XRP, and BNB lost around 7% each.

Bitcoin briefly dropped under $30,000 in early Asian hours, buoyed by a weak wider market. It was trading at just below $32,000 at the time of writing.

Terra’s LUNA fell 50% as its UST stablecoin lost its peg with the US dollar. LUNA dropped out of the top 10, slumping to 14th position on Coinmarketcap’s ranking.

Cardano suffered the least, down only around 3% today. The only top 20 gainer is Polygon, which has added around 0.70% to its value.

Top movers

Coins in the top 100 mirrored the overall slump, with most losing up to 10% of their value.

The hardest hit were Lido DAO (-43%), NEM (-16%), Amp (-18%), STEPN (-24%), Klaytn (-14%), Tezos and Algorand (each -13%), ApeCoin (-19%), and Monero (-15%).

Not all is gloom and doom on the market. Notable standouts are FTX Token (FTT) and Elrond, each of which gained 3%. Maker is up 5%, and Qtum – 4%.

Maker DAO’s traffic is consistently rising all over the world, especially traffic from Japan and Russia. In addition, Maker revealed the launch date of the AstraProtocol. The token ASTR SHO (Strong Holder Offering) is coming to Maker on May 30, 2022.

BitStore announced that it would list the QTUM token on May 11. It becomes available on the BitStore app tomorrow.

Elrond is gaining on news of an upcoming listing on BitMart exchange, which will also integrate the ESDT token standard.

Elrond’s CEO tweeted that their new strategic partner would support the development and growth of the Elrond ecosystem by providing exceptional projects with funding and access to new markets.

Trending

The biggest winner today is Rakon, whose token RKN added 406%. Rakon describes itself as a blockchain-based network designed to connect satellites, infrastructure, and navigation and communication systems in trustless ecosystems without relying on middlemen.

Rakon uses smart contracts to power timing solutions and frequency control of devices such as smart power grids, wireless controls, aviation systems and other applications.

The post Highlights May 10: Crypto market crashes, Terra down 50% appeared first on Coin Journal.

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