Bitcoin (BTC) nosedived to lows of $26,595, a scenario not seen since Dec 30, 2020, when the leading cryptocurrency dropped below the $27,000 zone.
Even though Bitcoin had regained momentum to hit $27,769 during intraday trading, the top crypto continues to limp based on factors like Fed’s interest rate hike and the Terra crash.
TerraUSD (UST) and Luna (LUNA) are two tokens mainly supported by the Terra network, a blockchain project developed by South Korean-based Terra Labs.
LUNA sent shockwaves to the crypto market because it collapsed to nearly zero in just a day.
LUNA was previously one of the largest cryptocurrencies based on more than $40 billion in market capitalization. It had shed off 97% of its value in the last 24 hours, according to CoinMarketCap.
Terra’s UST was also not spared because it fell to lows of $0.225 this week despite it being the third largest stablecoin globally after Tether (USDT) and USD Coin (USDC). Market insight provider IntoTheBlock noted:
“As the...
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