BTC, ETH and DOGE extend losses after the crash of Terra (LUNA)

BTC, ETH y DOGE extienden pérdidas tras el desplome de Terra (LUNA)

4 minutes of reading

Major currencies have slumped sharply with Ethereum down more than 10% on a day in which the global cryptocurrency market capitalization has fallen 10.25% to $1.3 trillion at press time.

Price Performance of Major Coins
Currency 24 hours 7 days Price
Bitcoin (CRYPTO:BTC) -6% -26% $29,335.91
ethereum (CRYPTO: ETH) -10.8% -28.5% $2,103.63
Dogecoin (CRYPTO: DOGE) -21.56% -36.5% $0.09
Main winners of the 24-hour period (CoinMarketCap data)
cryptocurrency % change in 24 hours (+/-) Price
earth (MOON) -94.05% $1.09
phantom (FTM) -42.44% $0.31
Gala (GALA) -39.04% $0.068

Because it is important

On Wednesday, the work Department reported an 8.3% increase in the consumer price index in April, indicating that inflation remains high and is near 40-year highs. However, the figure moderated from the 8.5% reported in March.

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On Wednesday, the 10-year Treasury yield rose 3.1 basis points to 3.025%, while the 2-year note, a gauge of the Fed’s rate forecast, hit a three-year high. 2.858%, according to information from Reuters.

Risk assets were trading in the red after the inflation report was released on Wednesday, with the S&P 500 and NASDAQ down 1.65% and 3.2%, respectively. At press time, US stock futures were slightly higher. Bitcoin was trading below the psychologically important $30,000 mark.

“Bitcoin remains highly vulnerable to further selling pressure and could post more technical sell-off if the $28,500 level is breached,” he said. Edward MoyaSenior Market Analyst at OANDAin a note to which Benzinga has had access.

The analyst of GlobalBlock, Marcus Sotiriouhas noted that in addition to macroeconomic headwinds, there is a “fundamental risk” to the cryptocurrency industry after Terra USD (UST) loses its peg to the dollar.

“The impact of this event on the broader market is very significant. We will soon find out which DeFi projects had their treasuries pegged or UST, which resulted in the pushback of prominent protocols,” Sotiriou said.

Peter Brandt, trader Futures broker and CEO of Factor LLC, has commented that the BTC volume surge may be indicative of “capitulation and the beginning of the end of the year-long slump.” Brandt has added that he had previously pointed to $27,000 as a possible minimum.

At the time of publishing this article, Bitcoin’s 24-hour trading volume is up 29.3% to $73.42 billion, according to data from CoinMarketCap.

Brandt tweeted on April 8 that if Bitcoin hit $27,111, he would put “laser eyes” on his Twitter photo.

The trader of cryptocurrencies Michael van de Poppe has stated that we are close to “capitulation” in the markets.

On the other hand, as Ethereum hovers around the psychologically important $2,000 mark, the whales have been “extremely active,” according to a tweet from Santimentthe market intelligence platform.


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