Cryptocurrency prices have fallen once more. Despite an incredible rise beyond $31K the previous day, Bitcoin’s price fell below $30,000. The world’s most valuable cryptocurrency, Bitcoin, lost more than 4% of its value to trade at $29,370.
It’s been a choppy few weeks for Bitcoin, which has held steady around the $30K mark despite projections of additional declines, while the U.S. stock market took a beating. With a 35% decline in 2022, Bitcoin is still well off its record high of $69K set in November of last year.
Following the most recent collapse in BTC, the altcoin market suffered significant declines as a consequence. A drop of about 7% in Ethereum’s price brought it down to around $1,782 per coin. Similarly, Dogecoin and Shiba Inu lost 6% apiece to $0.000010 and $0.07, respectively, while the price of Doge dropped to $0.07. Global cryptocurrency market capitalisation fell by 5.06 percent to $1.21 trillion in the previous day.
Cardano, Chainlink, Luna Classic, Polygon, Avalanche, Polkadot, Solana, Tether, Tron, Litecoin, XRP, Uniswap, and Stellar are among the other large-cap cryptocurrencies that have plummeted.
Regulators around the world are beginning to take a closer look at stablecoins in the wake of the Terra ecosystem disaster in May. In the wake of losing its dollar peg, CoinGecko data suggests that the stablecoin UST is trading at around $0.16.
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As a result of the UST fiasco, Japan has now established a regulatory framework for stablecoins. Stablecoins should be pegged to the yen or any other legal cash, according to the new regulation, and investors should be able to redeem them at face value.
By May 26, the total AUM (asset under management) in crypto investment products had fallen by 28.6 percent to $34.2 billion, as most cryptos had suffered large losses (data from CryptoCompare).
Overnight, Bitcoin fell by more than a quarter of a percent. What happened? Edu Patel, co-founder of Mudrex, thinks that the reason Bitcoin fell below $30,000 in the last 24 hours was because BTC miners sold their assets as the cryptocurrency continued to fall since mid-May.
He believes that the $31K barrier is still a significant hurdle for the most prominent crypto. It’s possible that BTC may remain in a narrow range between $29,050 ($31,050) and $31,050 for some time. BTC’s prospective falls should not be ignored by market participants.
BTC is unlikely to continue its downward trajectory, according to Kuna Jagdale of BitsAir Exchange. A rising fear and greed index reduces volatility, according to Jagdale.