Bitcoin slid back down under the US$20,000 mark late afternoon in Asia, with the rest of the top 10 tokens by market capitalization turning lower. Terra’s fallen cryptocurrency surged, likely due to LUNA Classic’s recent network upgrade.
See related article: Markets: Bitcoin edges up; U.S. stocks, bonds post worst returns in 5 decades
Bitcoin fell 1.87% in the past 24 hours to US$19,894.88 at 4 p.m. in Hong Kong. Ether dropped 2.72% to US$1,542.83, according to data from CoinMarketCap.
Most other tokens in CoinMarketCap’s top 10 fell, with Solana losing 3.37%, Dogecoin 3.17% and Binance Coin 3.37%.
The global crypto market cap slipped 1.87% in the past 24 hours, positioned at US$970.85 billion at 4 p.m. Hong Kong time.
Asia equity markets also declined. The Shanghai Composite Index lost 0.54%, Hong Kong’s Hang Seng Index 1.79%, and Tokyo’s Nikkei 225 index 1.53%.
Terra Classic (LUNC), the original crypto token of the Terra-LUNA blockchain that collapsed back in May, surged 57.04% in 24 hours, to post a seven day gain of 138.48% to US$0.0002426.
The rally comes amid the latest v22 update to the network on Aug. 27, which added staking and token-burning in LUNC.
Terra’s now-defunct stablecoin TerraClassicUSD (USTC) also jumped 37.64% in the last 24 hours to trade at US$0.03603.
See related article: What in crypto hell just happened to all your money?