By Er. Aditya Kumar(B. Tech)
Here’s a look at some key developments and updates from crypto markets:
1. While BTC dropped by 9% in the last 24 hours, ETH fell by 15% and altcoins like LUNA dropped by over 90%. Though a minor recovery took BTC slightly above $32,000, the prevalent overhead selling pressure and extreme fear in the market took the price down to levels below $28,511.
2. “Data showed that the rate of BTC exchange inflow remained relatively high in the last couple of days. Investors often transfer their holdings to exchanges when they intend to sell,” CO founder & CEO, told FE Online.
3. Luna dropped below $1, while the blockchain’s stablecoins USD lost its peg again.
Additionally, the total value locked on Anchor, (Terra’s biggest DeFi protocol), fell by $11 billion in the past few days.
4. Terra’s algorithmic stablecoin USD crashed to a low of around $0.30, after losing its peg to the dollar.
5. Patel CEO & Co-founder, Mudrex, says: Bitcoin hit its lowest at US$28,000 in the past 24 hours, which is the weakest since 2020.
“BTC appears to be at oversold levels with increasing selling pressure. Since yesterday, BTC has been struggling to find its support between US$27,000 and US$30,000. It is also likely that BTC may even break below the current level. Along with macroeconomic factors, the collapse of USD has largely impacted the crypto market. It may take some time for cryptocurrencies to recover from this crash.”
“One USD can be redeemed or minted for exactly $1 worth Luna. Luna Foundation Guard (LFG), the non-profit foundation created to support the Terra Ecosystem, bought various cryptocurrencies including Bitcoin in order to maintain the stable coin’s peg,”
BITCOIN PRICE
Bitcoin's price on Friday crossed the $30,000-mark and other major Cryptocurrencies nursed large losses as the collapse of Terra USD, a so-called stablecoin, rippled through markets. The world's most popular cryptocurrency was recovering after it fell to a 16-month low.
Bitcoin, the largest cryptocurrency by total market value, attempted to rebound and rose 13.28 per cent up to $30,360, from the 16-month low of around $25,400 reached on Thursday.
It remains a long way below week-ago levels of around $40,000 and, unless there is a rebound in weekend trade, Bitcoin is heading for a record seventh consecutive weekly loss.
"Bitcoin recovered slightly on Friday after falling to US$26,000 in the past 24 hours. The slight growth comes as a relief for investors who watched it fall significantly. BTC finds support at US$27,000 and resistance between US$35,000 and US$40,000," CEO and Co-founder of Coin Base platform, said.
"The minor growth can be seen as BTC's counter trend reversal signal; if BTC can touch above US$30,000. If that happens, the selling pressure will likely decrease in the next few days," Market experts said. The second largest cryptocurrency, Ethereum, was up by over 12 per cent to $2,098. Major alt coins such as Dogecoin rose over 24 per cent and Shiba Inu accelerated over 30 per cent.
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