On Thursday, May 12, bitcoin prices dropped below $27,000 and Ethereum price tested the $1,800 level. According to CoinGecko, during the day the first asset fell by 13.5% in price, while the second lost more than 21% of its value.

At the time of writing, digital gold is trading around $27,500, while Ethereum is trading at $1,880.

The flagships have taken the rest of the market with them – their total value dropped 18% to $1.2 trillion. All digital assets in the top 10 by capitalization were in the red zone. Solana (-34.4%), Cardano (-32.6%) and Dogecoin (-30.4%) showed the worst dynamics.

The price of Terra (LUNA) dropped almost 100% in one day to $0.26. The asset’s capitalization fell to $721 million – last month the figure exceeded $30 billion.

According to CoinGlass, the daily liquidation volume in the futures market exceeds $1.23 billion. The largest single liquidation was recorded on the BitMEX exchange – a $10 million position was forcibly closed.

A similar situation can be observed in decentralized markets. According to OKLink, in the last 24 hours, cumulative liquidation volume on landing DeFi platforms reached $170.84 million, the highest level since May 2021.

The index of fear and greed in the crypto industry reached 12 points (“extreme fear”).

Bitcoin Fear and Greed Index 12 – Extreme Fear
Current price: $29,138 pic.twitter.com/C4idj1L1mW

— Bitcoin Fear and Greed Index (@BitcoinFear) 12 May 2022

Recall that at the beginning of May 11, the algorithmic stablecoin of the Terra ecosystem – TerraUSD (UST) – again lost its peg to the US dollar. The LUNA cryptocurrency used to mine it crashed 97% in one day.