Bitcoin’s price crashed to levels that we last saw on the day that Russia invaded Ukraine. Moreover, the entire market lost over $150 billion of its capitalization as the past 24 hours caused nothing but mayhem in the industry.
Bitcoin’s price is down 9% in the past seven days, and it is currently trading slightly above $36,000. This time around last week, the cryptocurrency was sitting slightly below $39,000, and the week was going relatively well. The price managed to rise towards $40,000, but unfortunately everything went wrong yesterday.
BTC crashed from $39.5K to $36K in less than a couple of hours, leaving over $100 million worth of liquidated positions in the process. At the time of this writing, the price has failed to recover. Interestingly enough, this happened as the Luna Foundation Guard (LFG) announced yet another purchase of $1.5 billion worth of BTC.
Needless to say, this took the whole market with it, although some altcoins fared slightly better than BTC, while others lost more. Ethereum, for example, is down less than 8%, while BNB is down 6%. ADA is down 7%. At the other end of the spectrum we have Solana down 16%, DOT – down 16%, AVAX – 15%, SHIB – 13%, etc. Ultimately, this led to an overall pullback worth around $150 billion across the entire market capitalization.
The above aside, recent filings revealed that Binance – the world’s leading cryptocurrency exchange – has backed Elon Musk’s deal to buy Twitter and take it private by supplying a whopping $500 million to the initiative.
Elsewhere in the markets, the US Federal Reserve announced another rate hike within the limits of the -0.5% expected. The objective is to fight against rising inflation.
This said – it remains very interesting to see how the markets will fare in the coming week as global geopolitical uncertainty seems to be growing.
Market data
Market cap: $1.75 trillion | 24h volume: 125 billion dollars | BTC dominance: 39.3%
BTC: $36,150 (-9%) | ETH: $2,699 (-7.9%) | ADA: $0.78 (-6.8%)
This Week’s Crypto Headlines You Can’t Miss
Luna Foundation Guard Purchased Another $1.5 Billion Worth of Bitcoin. The Luna Foundation Guard (LFG) purchased yet another stack of BTC worth $1.5 billion to back its UST stablecoin reserve. The buy happened as LFG raised $1 billion in an OTC swap with Genesis and 3AC.
Otherside’s NFT drop has temporarily turned Ethereum into a deflationary asset: DappRadar reports. Yuga Labs has kicked off the highly anticipated launch of its Otherside NFT drop. The demand was so high, sending ETH gas prices skyrocketing and turning Ethereum into a deflationary asset for a brief period.
Binance Scores First European Regulatory Approval in France. The leading cryptocurrency exchange has managed to achieve a major milestone. The company got registered as a Digital Asset Service Provider (DASP) in France by the country’s stock market regulator.
The Fed announces a 0.5% rate hike to fight inflation, the highest in 22 years. The US Federal Reserve announced another 0.5% rate hike in an attempt to combat rising inflation. This is the highest increase in 22 years which was voted at the last FOMC meeting which took place this week.
Tether Has No Plans to Go Public: CTO Paolo Ardoino (Exclusive Interview). In an exclusive interview with CryptoPotato, Tether’s CTO – Paolo Ardoino – revealed that the company behind the world’s largest stablecoin by means of market cap – has no intentions of going public.
Ripple CEO believes SEC lawsuit could be resolved this year. Brad Garlinghouse – the CEO of Ripple – believes that the lawsuit between the company and the US Securities and Exchange Commission could be resolved by the end of this year. He said everything was going well so far.
