Related: Is It Time To Buy A Dip?
According to some analysts of cryptocurrencies, bitcoin is spinning into the abyss, with its price reaching its lowest level since July 2021.
The cryptocurrency has lost more than 50% of its value in the last six months amid a downturn in the entire market, which wiped out more than $ 1.5 trillion from the entire crypto market.
It is hovering just over $ 30,000 on Wednesday morning, with some fearing even greater losses if it falls below that key level of support.
Since it first rose above that price in early 2021, BTC has never fallen below it for a significant period of time, which means it will be in unexplored territory if the sell-off continues.
Bitcoin has so far managed to stay a little above it, with some hoping it can recover from last summer, which brought it to new record highs before the end of the year.
You can follow all the latest news, analysis and expert forecasts on bitcoin prices, as well as other leading cryptocurrencies such as Ethereum (ETH), Solana (SOL) and Cardano (ADA), right here.
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Terra LUNA’s price collapse destroys crypto riches
The suicide hotline numbers were pinned on top of Reddit’s popular cryptocurrency Terra (LUNA) after 98 percent of its value was virtually wiped out overnight.
Forum members said they had lost their savings, while some retained some hope that the project could be saved.
“We had to withdraw when it was $ 100, then I would raise $ 25,000,” wrote a Reddit user No-Forever.
Another member wrote: “I lost over $ 450,000, I can’t pay the bank.
The price of Terra (LUNA) fell in May 2022
(CoinMarketCap)
Until recently, LUNA was among the top 10 most valuable cryptocurrencies in the world, with defenders arguing that its potential to transform Web3 could lead to an even higher rise in value.
You can read the whole story here:
Anthony Cutbertson May 11, 2022 7:05 p.m.
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The price of bitcoin briefly falls below $ 30,000
After hovering above the $ 30,000 mark for most of the past few days, bitcoin fell short again for a short time before returning almost immediately.
This happened several times last July, as Bitcoin managed to withstand the downward momentum and find a strong level of support between $ 28k – $ 32k. It is still very uncertain about cryptocurrency as it continues to revolve around the unknown.
Since rising above $ 30,000 in early 2021, bitcoin has never fallen below it for a significant period of time – although it has bounced off it several times. The coming hours and days may prove critical to whether this trend can continue.
Anthony Cutbertson May 11, 2022 2:58 p.m.
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A “stable” UST coin pegged to the dollar, now worth $ 0.33
Terra’s stable UST coin, which is destined to be pegged to the US dollar, now costs less than a third of that value, sending shockwaves through the decentralized finance industry (DeFi) and the wider crypto space.
The Luna Foundation Guard (LFG) is now working to raise $ 1 billion to save the UST and return it to parity with the dollar.
According to Terraform Labs founder Do Kuon, LFG is “close to announcing a UST recovery plan”, although this is a complex task for a token controlled by AI algorithms.
The price of Terra (LUNA) has also collapsed, falling by more than 97 percent in the last 24 hours, according to the CoinMarketCap price index.
Anthony Cutbertson May 11, 2022 1:57 p.m.
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Bitcoin whales have reached an 18-month low
The number of large bitcoin holders known as whales has reached its lowest level since November 2020.
The trend was noticed by crypto commentator Lark Davis, who shared a graph showing the number of bitcoin whales tracked by data from glass analysis company Glassnode.
The decline in the number of whales shows how difficult this latest sell-off is, but it is also a good sign that the cryptocurrency is more evenly distributed among investors and not accumulated by a small group.
Anthony Cutbertson May 11, 2022 12:43 p.m.
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The collapse of the price of bitcoin is explained
What caused the collapse of the price of bitcoin and where does it go from here? These are the questions we asked analysts and experts in the crypto market to help decipher what exactly is happening.
The decline coincided with a sharp decline in technology stocks, with some saying cryptocurrencies have become more in sync with traditional markets as they become more accessible to both retail and institutional investors. Others warn that maintaining the $ 30,000 level could be crucial to bitcoin’s short- and medium-term outlook.
You can read the whole story here:
Anthony Cutbertson May 11, 2022 11:22
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A plan to bring down the price of bitcoin for MicroStrategy
MicroStrategy, the world’s largest corporate investor in bitcoin with about $ 4 billion in current exchange rates, has so far refused to sell any of its cryptocurrencies.
Part of this hiding place was acquired through bank loans, which use the company’s existing holdings as collateral, which can lead to complications if the price falls significantly further.
CEO Michael Sailor shared the plan if bitcoin collapses completely, saying that even if the price of the cryptocurrency falls below $ 3562 – 90% lower than today’s prices – the company can still survive.
Anthony Cutbertson May 10, 2022 6:39 p.m.
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The price of bitcoin enjoys a moment of calm
There have already been $ 1.1 billion in liquidations of leading cryptocurrencies in the last 24 hours, according to Blockworks, but mass sales seem to have slowed.
Bitcoin has so far managed to stay above the $ 30,000 level, but only slightly. After climbing over $ 32,000, it has since dropped back to $ 31,000 in the last hour.
Compared to volatility in recent days, today has been relatively calm. But is there still a storm ahead?
Anthony Cutbertson May 10, 2022 4:23 p.m.
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Bitcoin price crash: “When in doubt, zoom out”
A popular saying among veteran bitcoin investors during price crashes is “when in doubt, downsize.”
Looking at the bigger picture shows that bitcoin has grown by 250% compared to May 2020, by 35% since May 2018 and by more than 6000% since May 2016.
Declining further, a decade ago, a bitcoin cost only $ 5. This marks an astonishing profit of 600,000 percent.
Anthony Cutbertson May 10, 2022 1:17 p.m.
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Bitcoin City
The scale model of the still undeveloped Bitcoin City in El Salvador, which was shared by President Naib Bukele overnight, gave some idea of the mega project.
There are many trees, many sights and even a “beautiful panorama of the volcano”. This volcano will be used not only to supply the city with geothermal energy, but also to provide energy for digging bitcoins.
The round city will lean up the slopes of Conchagua Volcano in Fonseca Bay in the southeastern part of the Central American country, with construction expected to begin later this year.
You can read the whole story here:
Anthony Cutbertson May 10, 2022 12:08 p.m.
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Bitcoin costs $ 10,000 away from the MicroStrategy margin call
MicroStrategy, the world’s largest corporate investor in cryptocurrency, revealed earlier this month that it is facing a margin claim for its 205 million bitcoin secured loan from Silvergate Bank if bitcoin falls to $ 21,000. We are now only $ 10,000 away from this point.
If affected, MicroStrategy CFO Fong Le explained during the company’s first-quarter earnings calls that he would use some of his unsecured BTC holdings to pay for it. Either way, it would be a disaster for CEO and co-founder Michael Sailor, who has pledged his reputation with the belief that the price of bitcoin will rise in the long run.
Here is what he said during the profit talk:
We took out a loan at 2% LTV; the margin call occurs at 50 percent LTV. So basically bitcoin has to cut in half or about $ 21,000 before we have a margin call.
As you can see, we mentioned earlier that we have a lot of unsecured bitcoins. So we have more that we can contribute in case we have very low volatility. But again, we’re talking about $ 21,000 before we get to the point where there needs to be more margin or more collateral. So I think we are in a very comfortable place where we are right now.
Fong Le, CFO of MicroStrategy
Anthony Cutbertson May 10, 2022 10:22
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