Bitcoin price falls below $29,000 after TerraUSD fall

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Bitcoin price falls below $29,000 after TerraUSD fall

In the wake of the collapse of TerraUSD and the most volatile week for Bitcoin trading in the past two years, the price of the digital currency fell below on Saturday.

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The price ofBitcoin, the world's largest coin, had fallen 3% to below $29,000 just after noon in New York, according to pricing compiled by Bloomberg. The price of ether was well below the $2,000 threshold at around $1967.

The wipeout of the algorithmic stable coin TerraUSD and its sister token Luna knocked out more than $270 billion off the crypto sector's total trillion-dollar value. The weekly net change inBitcoin volatility was the highest since Bloomberg began recording data in the last two years.

Altcoins did not escape the declines on Saturday, with Solana and Polkadot down more than 5% and Avalanche down nearly 8%.

Multiple headwinds have given market players almost nowhere to hide in any asset class this week, according to a report Friday by Coinbase Institutional s Brian Cubellis and David Duong, who added that volumes on its exchange were the highest since January's coin sell-off.

Despite larger volatility than during the January or December sell-offs, volumes are still somewhat lower in comparison, which suggests lighter positioning as well as possibly decreased interest from retail due to a difficult market environment, they wrote in the note.

The analysts said that the $30,000 threshold will become a major resistance if prices continue to consolidate below that mark over the next few days. If things deteriorated further, the next line of support would come at around $20,000. This was the all time high in the previous 2017 cycle.

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