BITCOIN’S PRICE STRUGGLES TO MOVE ABOVE $30K

Sat 14 May 2022:

On Saturday, the price of Bitcoin was battling to break through $30,000 as demand in the cryptocurrency market remained poor.

Bitcoin, the world’s most valuable cryptocurrency by market cap, was trading at $29,060 at 1210 GMT, down 4.7 percent on the day.

Ethereum, the world’s largest altcoin, was also failing to break beyond $2,000, trading at $1,981 at the time, a 5.7 percent daily loss.

Once-popular cryptocurrency Luna saw its price sinking to almost $0 on Friday, tanking from its top 10 position in just a matter of days. It was up 1500% to $0.00045 at the time, but its price was still far away from $99.24 a month ago.

Luna’s sibling TerraUSD, a stable coin referred to as UST that was designed to be pegged one-to-one with the US dollar, was at $0.2029 for a 17% increase.

With the price of UST in free fall in recent days, more and more Luna were burned, causing investors to lose faith in the coin, causing them to dump it, bringing its price down to junk level.

At the moment, the total value of the crypto market was $1.24 trillion, down 5.5 percent for the day.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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