Cryptocurrency Market Crash Today (Friday, February 11, 2022): Terra Plummets 8.79%

The United States Federal Reserve (The Fed)'s faster-than-expected monetary tightening is once again putting pressure on cryptocurrency prices. Terra is leading the current downturn in digital currencies.

The January 2022 inflation report, which reached 7.5% according to the U.S. Department of Labor, further strengthens the prediction that the Fed will soon raise its benchmark interest rate. This is causing cryptocurrency prices to fall again.

Based on Coinbase data, the cryptocurrency market as of 7:58 WIB on Friday, February 11, 2022, fell by 3.68%. Terra (LUNA) recorded the deepest decline among large-cap cryptocurrencies, reaching 8.79% over the past 24 hours to Rp 742,030 per coin.

Other large-cap cryptocurrencies that recorded the biggest declines include Solana. The cryptocurrency with the code SOL fell 7.69% to Rp 1.5 million per coin. XRP (XRP) corrected by 6.74% to Rp 11,700 per coin, Polkadot fell 6.46% to Rp 292,150 per coin, and Ethereum dropped 5.59% to Rp 43.59 million per coin.

Following these were Cardano (ADA), whose price fell 4.26% in a day to Rp 16,290 per coin, Bitcoin (BTC) corrected by 2.55% to Rp 616.66 million per coin, and Binance Coin (BNB) also fell 2.49% to Rp 5.89 million per coin.

Meanwhile, large-cap cryptocurrencies Tether (USDT) and Avalanche (AVAX) saw slight increases, by 0.04% to Rp 14,350 per coin and 0.11% to Rp 1.28 million per coin, respectively.

The following is a list of the top 10 largest cryptocurrencies by market capitalization on February 11, 2022:

1. Bitcoin (BTC) market capitalization Rp 11,685 trillion
2. Ethereum (ETH) market capitalization Rp 5,203 trillion
3. Tether (USDT) market capitalization Rp 1,124 trillion
4. Binance Coin (BNB) market capitalization Rp 747 trillion
5. XRP (XRP) market capitalization Rp 560 trillion
6. Cardano (ADA) market capitalization Rp 547 trillion
7. Solana (SOL) market capitalization Rp 476 trillion
8. Avalanche (AVAX) market capitalization Rp 314 trillion
9. Terra (LUNA) market capitalization Rp 297 trillion
10. Polkadot (DOT) market capitalization Rp 287 trillion.