On Wednesday, the cryptocurrency market cap fell even more as Bitcoin and several other leading cryptocurrencies hit fresh lows.

The global crypto market cap has dropped 6.44 percent in the previous 24 hours to $1.38 trillion. Bitcoin's price has once again dropped below $31,000. Bitcoin's price was $30,621 at the time of publication, down roughly 5% in the previous 24 hours.

In the meantime, the price of Terra (Luna) has plummeted to $6.42. The price of LUNA has dropped by nearly 82 percent in the last 24 hours. The price of LUNA is roughly 93% lower than it was 7 days ago. Terra was ranked 31 at the time of publication.

The price of TerraUSD (UST) has dropped by more than half in the last 24 hours, to $0.4408. Terra(LUNA) has had an eventful week, with the token plummeting at an alarming rate. LUNA has dropped about 85% in the previous 6 days, from a high of $88.

Over the last 24 hours, the global cryptocurrency market cap climbed modestly, and Bitcoin (BTC) showed indications of recovery.

The top 10 crypto rankings and market capitalization values of various currencies have changed dramatically. While Terra (Luna) is no longer among the top 20 cryptos, Dogecoin has regained its position as the 10th most valuable cryptocurrency. In the last 24 hours, cryptos such as BNB, Ethereum, and XRP have demonstrated a higher pace of recovery than Bitcoin.

In the last 24 hours, BTC has plummeted 9%, ETH has dropped 15%, while altcoins like LUNA have dropped almost 90%.

Despite a modest recovery that brought BTC back above $32,000, widespread overhead selling pressure and severe panic in the market drove the price below $28,511.

Despite a brief recovery that lifted BTC above $32,000, massive overhead selling pressure and market panic dropped the price below $28,511.

Many regulated financial firms have grown their exposure to the industry in recent months, some investor thinks cryptocurrencies and digital finance might face "major negative ramifications" if investors lose faith in stablecoins.