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

Cryptocurrency markets have crashed over the last 24 hours. The global market cap is down by 4.87 per cent in the last 24 hours and is at $1.21 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is down by a whopping 4.84 per cent and is trading at $29,380.

Ethereum also showed a major downtrend and is at $ 1,731 after sliding down a whopping 6.83 per cent.

The USDT Tether showed 0.01 negative change in its value in the last 24 hours. 

Whereas the USDC stablecoins showed 0.05 percent uptrend and maintained its peg at $1.

The BNB token has slipped and is now down by 7.44 per cent.

Solana fell by a significant 4.39 per cent.

XRP Ripple is also down. It fell by 4.14 per cent in the last 24 hours. 

The ADA token showed 2.54 per cent downtrend.

Dogecoin crashed by 4.60 per cent.

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

The biggest news in the crypto world this morning is the allegations of money laundering against crypto exchange Binance that came to light in a Reuters investigative report.

Changpeng Zhao , CEO and founder of Binance has denied all such allegations.

After the report, the Securities and Exchange Commission (SEC) of the United States has launched an investigation into Binance, especially their BNB token ICO.