Bitcoin, Ether Manage Minor Rebound While Terra's LUNA Nosedives by 60 Percent

The top two cryptocurrencies have managed a slight uptick in what has been a horrendous week for the wider crypto market already.

By Shomik Sen Bhattacharjee | Updated: 11 May 2022 12:08 IST

Bitcoin, Ether Manage Minor Rebound While Terra's LUNA Nosedives by 60 Percent

Photo Credit: Unsplash/ Kanchanara

BTC's volume uptick is an initial sign of capitulation, but upside remains limited

Highlights

Bitcoin's value has seen a slight uptick after Monday's slide
Ether has slipped closer to the $2,300 mark
The native token of the Terra ecosystem is down by over 61 percent

Bitcoin and the wider crypto market has been suffering through a really rough patch over the past few days with BTC dropping below the $30,000 (roughly Rs. 23 lakh) mark on Monday. However, a minor uptick through Tuesday saw the largest cryptocurrency by market capitalisation climb back to around the $31,000 (roughly Rs. 24 lakh) mark. In terms of value, Bitcoin is currently priced at $33,095 (roughly Rs. 25.5 lakh) on Indian exchange CoinSwitch Kuber, falling by 1.05 percent over the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $31,266 (roughly Rs. 24 lakh) moving up by 0.30 percent in value over the past 24 hours. As per CoinGecko data, BTC's value has now dropped by 16.2 percent week-to-day.

Ether too made a slight comeback after a deplorable start to the week. At the time of publishing, Ether is valued at $2,525 (roughly Rs. 1.95 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $2,393 (roughly Rs. 1.85 lakh), where the coin has gained 1.19 percent over the past 24 hours.

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CoinGecko data reveals that the cryptocurrency's value is still at a 14.7 percent in the red in terms of week-to-day performance.

Gadgets 360's cryptocurrency price tracker reveals a picture that no crypto investor would want to see. Not only are all the top altcoins in the red, but stablecoins pegged to the US Dollar are reeling too with Terra grabbing the headlines.

The native token of the Terra ecosystem is currently down over 61 percent over the past 24 hours after the organisation's UST stablecoin continued to fall well short of its dollar peg, and amid a report that the Luna Foundation Guard (LFG), the non-profit established to support the Terra network, was aiming to raise $1 billion (roughly Rs. 7,722 crore) to restore this parity. The decline followed a 39 percent drop on Monday.

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Meanwhile Uniswap, Cosmos, Avalanche, Cardano, Chainlink, Polygon, and Solana have all dropped in value.

Shiba Inu and Dogecoin also saw dips with Dogecoin moving up to $0.12 (roughly Rs. 10) after dropping 3.72 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000017 (roughly Rs. 0.0013), down by 3.66 percent over the past day.

"Crypto markets opened the day slightly higher as aggressive dip-buying occurred after the sharp decline. Momentum eventually waned, however, with investors focused on the US's impending CPI release. A combination of weak macroeconomic sentiment alongside the collapse of LUNA were the primary drivers behind the latest movements in the crypto markets, with contagion effects witnessed across all sectors of the crypto economy," the research team at CoinDCX tells Gadgets 360.

"That said, funds continue to plough capital aggressively into the space, the latest being a $725 million (roughly Rs. 5,600 crore) investment by a16z, Coatue, USV for Dapper's Flow blockchain. The future of crypto and blockchain remains a bright one, with steady advancements already seen along the technology's S-curve."

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Cryptocurrency Prices across Indian exchanges

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