It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar. The bearish headwinds for the crypto market have been building since late 2021 as the U.S. dollar gained strength and the United States Federal Reserve hinted that it would raise interest rates throughout the… Source link

Bitcoin hits intra-day high above $30,000 TerraUSD collapse shakes crypto market Analysts say impact on traditional markets limited HONG KONG/LONDON/NEW YORK, May 13 (Reuters) – Cryptocurrencies steadied on Friday, with bitcoin recovering from a 16-month low after a volatile week dominated by the collapse in value of TerraUSD, a so-called stablecoin. Crypto assets have been swept up in broad selling of risky investments on worries about high inflation and rising interest rates. But broader… Source link

Ethereum (ETH -3.43%) has long played second fiddle to Bitcoin (CRYPTO: BTC) in the crypto world, despite the fact that many of the most exciting innovations in the crypto space (including the creation of NFTs and smart contracts) actually originated on the Ethereum blockchain. According to market capitalization, Bitcoin is still nearly twice as large as Ethereum, and many casual investors may keep a close eye on the price of BTC but seem to pay little or no… Source link

In traditional markets, the Dow Jones Industrial Average fell for a sixth straight day, and the S&P 500 took a 19.4% hit from its high of 4,800 in January. The S&P 500 is now at 3,868, and according to a popular rule of thumb used by investors, a dip of 20% or more signals the start of a bear market. Source link

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Terra is crumbling. The blockchain project home to the popular algorithmic stablecoin TerraUSD (UST), which had recently become the fourth-largest stablecoin by market value but now sits at fifth, is near collapse as UST repeatedly fails to sustain its $1 peg and LUNA, the blockchain’s native token, nears zero. Terraform Labs, the tech start-up behind the development of Terra, halted the production of new blocks on the network on Thursday “to prevent goverance attacks following severe… Source link

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Earlier this week, the MimbleWimble upgrade was announced for Litecoin and the price had zero bullish reaction to this news. This is actually a common feature of bearish markets, where fear moves the price and good news barely leaves a trace as it comes and goes. The bearish structure of Litecoin has been in place for nearly eight months now, and the bottom… Source link

The crypto market experienced another day of pain on May 12 as the fallout from the Terra’s LUNA and UST failure continues to ripple across the ecosystem. While the coverage for UST and its impact on Bitcoin (BTC) have been extensively covered over the past few days, the pullback has also had a significant impact on the price of Ether (ETH) as traders hastily exited the market. Data from Cointelegraph Markets Pro and TradingView shows that the past seven days of selling dropped Ether to… Source link

Monero (XMR) gets a bearish rating from InvestorsObserver Thursday. The crypto is down 5.83% to $134.11 while the broader crypto market is down 1.51%. Monero has a Bearish sentiment reading. Find out what this means for you and get the rest of the rankings on Monero! Bearish Over the last five days, Monero has earned a Bearish rating on the InvestorsObserver Sentiment Score. The Sentiment Score measures the performance of Monero… Source link