London, (Business News Report)|| Cryptocurrencies recouped a large part of their losses and rebounded, as Bitcoin rose above $30,000.
The upward movement included major cryptocurrencies, led by Bitcoin, Ethereum, Binance Coin, Rubella, Cardano, Solana, Dogecoin, Polkadot, and Avalanche.
Tether, the most popular stablecoin at the moment, managed to recoup yesterday’s losses and return to above $1.
Some experts suggest they saw a good time to buy the dip, but others haven’t completely calmed down.
Terra Luna failed to compensate its losses after falling to near zero, with losses of more than 99% of the currency’s value, affected by the UST depreciation crisis.
This week saw a barrage of news regarding Terra LUNA and UST due to the fact that both became catalysts for negative sentiment in the crypto market. These kinds of events can continue to set the tone. sector trend in the coming days.
The sector is on track to close out one of its worst weeks in a long time.
Bitcoin has lost 16% in the last seven days, Ethereum 23%, Binance Coin 20%, Ruby 27%, Cardano 26%, Solana 38%, Doge 28%, Polkadot 31% and Avalanche 41%, among others.
In a related context, the digital currency LUNA recorded a remarkable collapse within a few days and lost 99% of its market value and reached a record low to only parts of a percent of the dollar.
This coincided with several developments regarding the digital stablecoin Terra UST, whose value has deteriorated significantly recently.
Analyzes indicate that the correlation between Luna and the Terra stablecoin is the primary cause of its strong losses, as users can get Terra UST by burning LUNA and vice versa.
Thus, investors can use the swap feature of UST and exchange it for LUNA.
In the past days, there have been a lot of negative developments for the Terra project, causing a series of problems, and losing most of its value.