- After new accounting data showed consumer prices hit a 40-year high, bitcoin fell below $30,000 for a second time this week.
- During the past week, Luna has lost about 96% of its value and now has a lower market value than its stablecoin counterpart.
- The price of Ethereum (ETH) has dropped 18% in less than a week after breaking through the $2,200 support level.
- As Solana’s price analysis shows, the market is bearish
- As a result of the well-known sell-off, the price of ADA is rapidly falling and looks weak across all timeframes
After new accounting data showed consumer prices hit a 40-year high, bitcoin fell below $30,000 for a second time this week.
According to Coin Metrics, at last check, bitcoin was down 5% at $29,743.90. It had fallen to $29,026.66, the lowest level since December 2020.
Following a Bureau of Labor Statistics report showing consumer prices rose 8.3% in April, slightly higher than economists polled by Dow Jones, cryptocurrency prices fell along with stocks.
The bitcoin price has fallen into the $29,000 area twice this week. In response to the cryptocurrency’s rapid capitalization, analysts have identified 30,000 levels of risk, saying the price could fall even more if those levels do not hold.
While bitcoin reached the recent high of $40,000 this time, it reversed the next day and steadily decreased.
A free fall occurred in the two main tokens of the Terra crypto project, which is currently in a fighting stance.
UST or TerraUSD dropped to 26 cents. It is designed to use a 1:1 peg to the US dollar. The coin last traded at around 68 cents, according to Coin Metrics.
Luna, the coin with a floating price and a bumper denomination in UST, fell below 90 cents at one point and recovered slightly to $1.72. However, during the past week, Luna has lost about 96% of its value and now has a lower market value than its stablecoin counterpart.
This stablecoin is known as an algorithmic stablecoin. The supply and consumption of prizes are regulated by using a complex system of coinage and tokens. UST’s price fell due to the recent cryptocurrency sell-off, which may further panic the market.
The price of Ethereum (ETH) has dropped 18% in less than a week after breaking through the $2,200 support level.
As its volume has fallen nearly 25% over the past 24 hours, ETH has been particularly bearish over the past few days. However, the ETH community was also patient with one of the largest altcoins by market cap.
There are 170 million dollars in foreign exchange inflows every day, which is a concern to the recipients as an indicator of market dissatisfaction. DefiLlama reports that another interesting development occurred recently as all ETH TVL are now heavily invested in DeFi. Following recent pullbacks, it soared to $11 on May 9-10 due to unusual interest in DeFi and cryptocurrencies in general.
As Solana’s price analysis shows, the market is bearish. It rose to $65.55 today. Before long positions are even affected, traders must wait for the market to determine the frequency of occurrence. In the short-term, unless the market is oversold and concentration concentrations occur before the market resumes its downtrend, we expect it to drop to $64.02 in the near term. Additionally, the current market sell-off is likely dependent on SOL prices breaking the lower support levels around $61 and $60.
As a result of the well-known sell-off, the price of ADA is rapidly falling and looks weak across all timeframes. Since September, when it reached its all-time high, the bulls have left the coin group. Nevertheless, the ADA continues to trade for better or worse and is still in the distribution phase. Market oversold conditions necessitate a temporary recovery, but any immediate recovery will be small.
An already depreciating currency was made worse by the ongoing carnage on the market. Additionally, the trading volume is fully supported by an expanded consumption range of $0.35.
A surge in buy orders, however, could challenge the dominant attention. As a result, the price can recover and recover $0.60. Additionally, exceeding the selected level costs $0.75.
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