Bitcoin and Ether create a small rebound as Terra’s LUNA crashes 60 percent

Bitcoin and the broader crypto market have endured a really rough patch over the past few days as BTC fell below the $30,000 (roughly 23 lakh) mark on Monday. However, a small surge through Tuesday saw the largest cryptocurrency by market cap climb back up to around $31,000 (roughly Rs. 24 lakh). In terms of value, Bitcoin is currently trading at $33,095 (roughly Rs. 25.5 lakh) on Indian exchange CoinSwitch Kuber and is down 1.05 percent in the past 24 hours.

Bitcoin is priced at $31,266 (roughly Rs. 24 lakh) on global exchanges such as CoinMarketCap, Coinbase and Binance, up 0.30 percent in the past 24 hours. The value of BTC is now down 16.2 percent week-on-day, according to CoinGecko data.

Ether also made a slight comeback after an unfortunate start to the week. At the time of publication, Ether is valued at $2,525 (roughly 1.95 lakh) on CoinSwitch Kuber, while values ​​on global exchanges see the crypto’s value at $2,393 (roughly 1.85 lakh), where the coin has been around in the past 1.19 percent has risen 24 hours.

CoinGecko data shows that the value of the cryptocurrency is still down 14.7 percent in terms of weekly performance.

Gadgets 360 cryptocurrency price tracker shows a picture no crypto investor wants to see. Not only are all the top altcoins in the red, but the US dollar-pegged stablecoins are also reeling, with Terra making the headlines.

The Terra ecosystem’s native token is currently down over 61 percent over the past 24 hours after the organization’s UST stablecoin remained well below its dollar peg, and amid a report by the Luna Foundation Guard (LFG), the nonprofit Organization released to support the Terra Network aimed to raise US$1 billion (approximately Rs.7,722 crore) to restore that parity. The drop was followed by a 39 percent drop on Monday.

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

Shiba Inu and Dogecoin also saw dips, with Dogecoin falling 3.72 percent in value over the past 24 hours to $0.12 (about over the past day).

“Crypto markets opened the day slightly higher on aggressive dip buying after the sharp decline. However, momentum eventually faded as investors focused on the upcoming US CPI release. A combination of weak macroeconomic sentiment and the collapse of LUNA have been the main drivers behind recent movements in crypto markets, with contagion effects being seen across all sectors of the crypto economy,” the CoinDCX research team told Gadgets 360.

“Nevertheless, the funds continue to aggressively pump capital into the space, most recently a US$725 million (roughly Rs.5,600 crore) investment by a16z, Coatue, UPS for Dapper’s Flow Blockchain. The future of crypto and blockchain remains bright, with steady advances already being seen along the technology’s S-curve.”

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