After the collapse of a closely watched stable coin, there was a modest recovery to trade at around $30,000, extending a period of relative market calm.
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The largest criptocurrency was up 3.2% n Sunday to $30,300 as of 9: 15 a.m. in New York. The second-biggest token, Ether, rose by 4.2% while coins like Avalanche and Cardano posted larger gains.
The entire ecoystem that supports it was disarray after the TerraUSD algorithmic stable coin unraveled, dipped to a low of $25,425 on Thursday. At its peak, the market panic engulfed the $76 billion stable coin Tether, a key cog in criptoassets that briefly dipped from its dollar peg.
Changpeng Zhao, Chief Executive Officer of Binance Holdings Ltd., said on Sunday that the rapid decline of a major project had ripples across the industry, but also caused a new found resiliency in the market that did not exist during the last market downswing.
The total market value of cryptocurrencies has dropped by around $350 billion over the past week to around $1.38 trillion, according to data from CoinGecko. It is close to 60% off its November all-time high.
While the worst of the TerraUSD fallout may have been digested, the asset class faces other challenges - most notably rising global interest rates and tighter liquidity conditions. Federal Reserve Chair Jerome Powell stated this week that the central bank will likely raise interest rates by a half-point at its next two meetings.
Vasja Zupan, president of Matrix, said I remain bullish in the long term, especially onBitcoin. I think high volatility will be followed by a period of much lower volumes at lower prices before we can expect a new all-time high. While the worst of the TerraUSD fallout may have been digested, the asset class faces other challenges - most notably rising global interest rates and tighter liquidity conditions. The Federal Reserve Chair Jerome Powell said this week that the central bank will likely raise interest rates by a half-point at its next two meetings.
Vasja Zupan, president of Matrix, said he remains a long term bullish, especially onBitcoin. I do not believe that high volatility will occur for some time, followed by a period of much lower volumes at lower prices before we can expect to hit new all-time highs. Nothing Happened when a Wall Street Investment Giant moved to Nashville?
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