BTC collapsed to its lowest point after Russia’s invasion of Ukraine below $36,000 and some altcoins suffered even more so let’s read more in today’s latest Bitcoin news.
After failing the $40,000 price level a few days ago, BTC collapsed to the lowest points and dumped over $4000 in hours to the lowest price point in two months. The alternative coins are buried in the ed with a huge price drop coming from AVAX, DOT, and Solana. It was only a few days ago when the main cryptocurrency started the recovery from the recent sub-$38,000 price drop but the bulls pushed the asset north and followed the FOMC meeting where the FED said it will raise the interest rates by 50 basis points rather than 75, and BTC hit $40,000. The leg up was short-lived as BTC got stopped there and remained under the level for the next day.
Things changed in the next few hours and BTC started crashing hard and dumping by $4000 but aside from causing millions of dollars in liquidations and the crypto dropped to its lowest level since Russia invaded Ukraine below $36,000. BTC reclaimed some ground and sits above this level but it is still down by 8% down ont the day and as a result, the marekt cap crashed below $700 billion. As it often happens, when BTC is dumped hard so the alternative coins like ETH are prime-example as they stood above $2900 a day ago. Though a 7% daily drop pushed the second biggest crypto by around $200 down while ETH dipped below $2700 hours ago.
Terra, DOGE, SHIB, Ripple, and TRON all lost up to 5% in one day and more price drops are evident from SOL by 11%, Cardano by 9%, and DOT by 10%. The lower and mid-cap altcoins are in a worse situation Zilliqa dropped by 20%, Apecoin y 17%, and Axie Infinity by 16%. the cumulative market cap of the crypto assets saw $150 billion gone and got down by $1.7 trillion.
As recently reported, LUNA’s price lost 31% over the past four weeks and erased all of the gains that it accrued year to date and though the token continues to outperform the crypto market by 20%. Terra has a hard time holding above the $85 support line. A few other bullish catalysts were Terra’s UST push to flip Binance USD and become the third biggest stablecoin on April 18 and April 26 announcement that Fireblocks saw institutional clients invest over $250 million into the Terra ecosystem. So now LUNA is preparing for a recovery.
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