Once again…the $30K level rejects Bitcoin, LUNA and UST keep crashing
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Answer Once again…the $30K level rejects Bitcoin, LUNA and UST keep crashing
After reaching and briefly exceeding the $30K level yesterday, Bitcoin was rejected above that level, dropping over $1,000.
Currently at the time of publishing the article, most altcoins are in the red, with Ethereum struggling to break above the $2000 level, while the digital currency Solana has fallen below $50.
LUNA and UST continue to lose value.
The $30,000 level rejects Bitcoin:
Since last week’s massacre, Bitcoin has not been able to decisively beat the psychologically needed $30,000 level.
In the past few days, it made several attempts, but all of its attempts were unsuccessful, and it remains so until the moment.
Read:Why is the incident of hacking cryptocurrency exchanges frequent?
On May 16 and 17, the price of Bitcoin rose to $31,000 but was halted on both occasions and fell back to its familiar level.
On May 19, the cryptocurrency fell below $29,000, but the bulls intervened and did not allow any further declines.
Quite the opposite, Bitcoin soared and jumped $2,000 a day, reaching a daily high of $30,750 yesterday.
The overall bear market condition led to another rejection, and Bitcoin was sunk by $2,000 in a matter of hours.
After bouncing back to $28,750 (on Bitstamp), Bitcoin jumped above $29,000, where it is now too.
As such, Bitcoin’s market cap has fallen slightly to $560 billion, and the dominance of alternative cryptocurrencies has reached 44.6%.
Ethereum drops below $2,000 and UST and LUNA continue to fall:
Altcoins largely mimic the performance of bitcoin, and as bitcoin declines, altcoins also decline.
Currently, Ethereum is trading under the $2000 level, with Ethereum recording a 3% drop.
While Binance is holding above $300, Cardano is north of $0.50 after a small daily bounce.
In contrast, Ripple, Solana, and TRON lost more value.
Read:Will Mexico follow in El Salvador’s footsteps and adopt Bitcoin as a legal currency?
The endless drama surrounding Terra cryptocurrencies continues, with LUNA and UST down another 20% in the past 24 hours.
In the end, the cryptocurrency market cap fell to $1.250 trillion after touching $1.3 trillion yesterday.
Read also:
The number of investors in the Luna currency increased by more than 50% in South Korea
Founder of Avalanche: The crash of Project Terra is as bad as that of Mt. Gox
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