Bitcoin has seen a rise in buyers as it has been at lows of $30,000 for the sixth consecutive day. The top two cryptocurrencies are down by more than 15% in the last seven days but have seen slight gains in the last 24-hours:
Bitcoin (BTC): $31,408 +0.75%
Ether (ETH): $2,372 +1.84%
Bitcoin’s slight gain is an improvement over the previous day when it plunged below the $30,000 mark in early Tuesday trading. This was the first time since July 20 that BTC had fallen below this threshold. The second-largest crypto by market cap, Ether has been outperforming the favored Bitcoin. Ether is up by nearly 2%. Other cryptos or altcoins have mixed reactions. Meme coin Shiba Inu is the biggest gainer. It recorded a price gain of nearly 8% in the last 24-hours. Terra’s stablecoin UST saw slight improvement by gaining 4.45%, but it is still away from the $1 peg. According to data from CoinMarketCap, UST was trading at $0.82. Solana and Avalanche are up by 3%, Polkadot 2.43%, and Ripple’s XRP gained 2%. Cardano is the biggest loser. ADA is down by 2%.
Jaime Baeza, the CEO of crypto hedge fund ANB Investments, says the pressure of macroeconomic events, including inflation, and a tightening central bank monetary policy on stocks and digital assets. He reasoned the most recent drop in Bitcoin to the de-peg of the stablecoin UST. Baeza believes the Luna Foundation Guard’s decision to defend the peg accelerated the selloff of the broader crypto market.
Joseph Kelly, the CEO of Unchained Capital, described the de-peg as a scary headline thing. But he said it’s more sound, more explainable asset that isn’t over-promising and trying to do things like maintaining a dollar peg. Kelly highlighted that this is how Bitcoin shines and stands out from the pack.