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Bitcoin Plummets to 10-Month Low Breaching Support Level to Below $30,000

Daily Market Wrap

  • Crypto market cap: 1.41 trillion, down 7.94%

  • BTC price stands at USD 31,081, down 7.45%

  • ETH price stands at USD 2,329, down 5.51%

  • Top gainer: Pax Dollar (USDP), up 0.49%

  • Top loser: Terra (LUNA), down 51.03%

News of the Day

Bitcoin plummets to 10-month low breaching support level to below $30,000.

Why it matters:

  • Bitcoin drops below $30,000 over the weekend after a stock sell-off in the U.S. last week

  • Bearish sentiment continues to dominate the market as the Fed has to slow down inflation at all costs, leading to a deep market correction between stocks and crypto over the past six months

  • The all-time high of $69,000 was reached in late 2021. At the time of writing, the market correction has experienced over 50%

Crypto daily spotlight

Terra’s native TerraUSD (UST) stablecoin trembles to maintain its dollar peg amid crypto market turbulence.

Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilize the price of the protocol’s stablecoins.

Why it matters:

  • TerraUSD (UST) stablecoin briefly lost its dollar peg to .987 on Saturday and to as low as .650 on Monday

  • The reason for the loss of parity was figured out by a crypto researcher Mika Honkasalo that a significant amount of UST swapped for USDC happened on Curve

  • After that, Terraform Labs co-founder Do Kwon tweeted out a chart saying the loss of parity was due to 62% of Anchor withdrawals by a “single wallet”. He quickly deleted the tweet as he realized that he misread the chart

  • The de-pegging appeared to kick off with a series of FOMO withdrawals from Anchor Protocol as well, leading to a total of UST deposits falling from $14 billion down to $7.1 billion

Daily sector tracker

Daily News Roundup

  • Luna Foundation Guard (LFG) Will Lend $1.5 Billion in BTC and UST For Stablecoin Peg https://bit.ly/3w4vOKB

  • SEC Grants the Approval for Teucrium’s Bitcoin Futures ETF https://bit.ly/3KlkyxN

  • Meta’s Instagram Plans to Support NFTs For Ethereum, Polygon, Solana, Flow https://bit.ly/3wcyOmH

  • Binance Reportedly Stop Providing Crypto Derivatives Service in Spain https://bit.ly/3KUW0vd

  • Nvidia Pays $5.5 Million Fine for Over Inadequate Cryptomining Disclosures https://bit.ly/3vUWGfJ

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