The big drop in the crypto money market, which destroyed $ 200 billion in one day, is over. While the reaction purchases were coming, Bitcoin also threw itself above 30 thousand dollars again. After the US Federal Reserve started to increase interest rates and narrow the balance sheet in 2022, reaction purchases came in the crypto money market, which has been on the decline for 6 weeks with indices such as S&P500, DOW and NASDAQ. The price of Bitcoin, which has the highest market value of cryptocurrencies, has again exceeded 30 thousand dollars.
Tether Gains Trust
The calming of the market, especially the recovery seen in the leading stablecoin Tether, has been instrumental in alleviating the concerns about the stablecoin that has been pushing the market. Tether fell below $1 on Thursday and re-established the $1 anchor. Matt Maley, Chief Market Strategist at Miller Tabak + Co., said, “The stabilization of Tether means that margin calls that take place have decreased. People are still nervous but sales are down. Investors have been around for a few days.” said. It will be more tense, but the supply-demand equation has stabilized again.”
Terra Luna Impacted the Market Very Badly
LUNA, which was priced at $96 a week ago, has dropped below $0.10. Associated tokens UST and LUNA have fallen hard since May 7 as turbulence surrounding the Terra crypto project fueled uncertainties. LUNA, which was around $80 on May 7, dropped below $1 in a few days and lost nearly $25 billion in value. Terraform Labs also announced that the Terra blockchain has been restarted after being discontinued.
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