With the panic brought on by TerraUSD, there appears to be some relief to hodlers of Bitcoin as it moved above $30,000 midday and only dropping slightly after wallstreet’s close.
Crypto world stabilizes after rocky week shakes stablecoins
- Bitcoin hits intra-day high above $30,000
- TerraUSD collapse shakes crypto market
- Analysts say impact on traditional markets limited
Cryptocurrencies steadied on Friday, with bitcoin recovering from a 16-month low after a volatile week dominated by the collapse in value of TerraUSD, a so-called stablecoin.
Crypto assets have been swept up in broad selling of risky investments on worries about high inflation and rising interest rates, but have started showing signs of settling.
TerraUSD has not seen too much of an improvement though. It will be interesting to see what impact this will have on other cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
After Week of UST Turmoil, Are Rest of Crypto Markets Stabilizing?
GSR Global Head of Product Benoit Bosc discusses his crypto markets analysis and outlook, exploring the potential catalyst for TerraUSD (UST) stablecoin’s collapse and its impact on BTC and ETH. Plus, insights into bitcoin’s open interest and institutional vs. retail buying activity.