Top cryptocurrency prices today: Terra halves investor wealth; Bitcoin, Shiba Inu, Solana tank up to 17%

economictimes.indiatimes.com:

The euphoria over cryptocurrencies led by wider adoption, growing institutional interest and awareness of blockchain projects has fizzled out and is now being replaced by fear of higher interest rates, geopolitical turmoil and a looming recession. Barring the dollar-pegged stable coins, all major crypto tokens and altcoins were bleeding. Terra tanked over 49 per cent, wiping off half of the investor wealth, whereas Shiba Inu's 17 per cent drop pulled it out from the top-15 crypto tokens.

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Bitcoin slumped about 10 per cent to hit 10-month lows, while Ethereum dropped another 8 per cent. Solana, Cardano, Avalanche, BNB plunged in the range of 12-16 per cent each. The global cryptocurrency market cap was trading sharply lower at the $1.42 trillion mark, falling about 8 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 85 per cent to $181.90 billion.What's cooking in India In what could further dampen the mood of crypto investors in the country, the goods and services tax (GST) council is mulling a 28 per cent tax on cryptocurrencies, at par with the current GST on casinos, betting and lottery, multiple media reports claimed. The services such as crypto mining along with sales and purchases are likely to attract the 28 per cent GST if the proposal goes through in the next GST meeting, according to reports. The date of the next GST meeting is yet to be finalised.Expert take Bitcoin tested its support at the $30,000 level yesterday, which is the lowest