Bloodbath in crypto markets; BTC at $29,000; where is the bottom

Cryptocurrency markets have crashed in the last 24 hours. The global market cap is down by 5.54 per cent in the last 24 hours and is at $1.24 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by a whopping 6.14 per cent and is trading at $29,823.

Ethereum also showed major downtrend and is at $ 1,826 after sliding down a whopping 5.63 per cent.

The USDT Tether showed 0.02 percent uptrend in its value in the last 24 hours. 

Whereas the USDC stablecoins showed 0.01 percent uptrend and maintained its peg at $1.

The BNB token has slipped and is now down by 5.59 per cent.

Solana fell by a significant 12.73 per cent.

XRP Ripple is also down. It fellby 5.98 per cent in the last 24 hours. 

The ADA token showed 7.47 per cent downtrend.

Dogecoin crashed by 5.95 per cent.

Overall, the major top tokens slid drastically down from their positions in the last 24 hours.

In other news, Chipotle is now accepting Bitcoin and other cryptocurrencies as payment methods.

The South Korean government has allocated $117 million to invest in the metaverse.

Also, Ex-OpenSea executive Nate Chastain has been charged with NFT insider trading.

Moreover, the Solana blockchain network had been halted globally last night. It was restored after over 4 hours.

 Shiba Inu burned 31,059,157,423 crypto tokens in May.

JP Morgan Chase CEO Jamie Dimon says that an "economic hurricane" is impending on all of us and we need to make smart choices.