3/5/2023 0 Comments Need bitcoin expert![]() In addition, the price of any asset depends on how much new investors want it. Ethereum went down by 16.75 per cent during the same period, while BNB fell by 5.73 per cent. In the last seven days, Bitcoin plunged 19.9 per cent, according to data from. This caused a major sell-off in LUNA, which led to one of the biggest price drops in LUNA’s history and effects,” says Gaurav Mehta, founder, Catax, a crypto taxation firm. UST fell to as low as $0.60 yesterday during the larger liquidations caused by the macro-market volatility. When UST lost its dollar peg recently, it sent shockwaves through the crypto market, because it showed how weak the algorithm-backed Stablecoins are. “The success of the Terra ecosystem depends on people using UST as a Stablecoin, so the LUNA token and UST are linked in a way that can’t be broken. UST – Terra USD fell more than 80 per cent on Wednesday as a result of the UST (Terra USD) algorithmic Stablecoin de-pegging debacle. Stablecoin Factor: With the recent fiasco over Stablecoin, the market has constantly tumbled. The raising of interest rate by the Federal Reserve should be looked at as the immediate reason for the crash, but broader financial and economic factors including the Russia-Ukraine War crisis, along with supply chain woes should also be factored into to assess the future outlook. Purshottam Anand, CEO of Crypto Legal said that the recent downward spiral movement in crypto prices do not seem to be caused by any crypto-specific reason. We are seeing many who are averaging their positions, so it may not be a bad time to get into cryptos,” says Sathvik Vishwanath, CEO and co-founder, Unocoin, a crypto exchange. “Given the downtrend of equity and commodity markets across the globe, the same is faced by the crypto markets as well. With the US Federal Reserve promising to decrease the country's $9 trillion debt load, investors and institutions have stepped back from the market. US Federal Reserve Pledging: With the US Federal Reserve pledging to reduce its $9 trillion debt burden, investors and institutions have taken a pause from the market. India-based major crypto exchanges, such as WazirX, CoinDCX, Bitbns and ZebPay have also seen trading volume going down.Ī mixture of short- and long-term inputs, including broader financial markets and the crash of a major Stablecoin, are causing the present decline of Bitcoin and other cryptocurrencies. Surprisingly, the world’s largest cryptocurrency is now worth less than half of what it was in the fall season.Īlong with BTC, cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB), have also seen equivalent falls, while trading volumes have also tapered off on major exchanges. In the second week of May 2022, Bitcoin fell brutally, briefly dipping below $30,000 for the first time since July 2021.
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