Bitcoin Holds at USD 29,392.70,Terra Drops 53 Percent

Bitcoin – Terra ecosystem native tokens recently fell more than 53 percent over the past 24 hours after UST’s Stablecoin continued to fall far short of its dollar peg.

In addition there is a report that the Luna Foundation Guard (LFG), a non-profit organization founded to support the Terra network , aims to raise USD 1 billion or around Rp. 14.5 trillion to remedy this problem.

The drop followed Monday’s 30 percent drop. As for UST recently, it was in the red zone of more than 6 percent.

Meanwhile, bitcoin ‘s gain of around 1.4 percent represents an increase from the previous day when the largest cryptocurrency by market cap briefly fell below $30,000 in late Tuesday trade, the first time since July 20 to fall below this threshold.

Bitcoin was recently trading just above USD 31,000. Although the price of Bitcoin rose slightly, the figure was still not higher than the previous few days, because Bitcoin had stagnated in the range of USD 30,000 to USD 31,000.

Ethereum , the second-largest cryptocurrency by market cap, outperformed the same period, up around 3.5 percent, and changing hands around $2,350. Other cryptocurrencies are also still stagnant, staying in the red zone with slight ups and downs.

Crypto Prices Wednesday Morning 11 May 2022

Previously, the prices of bitcoin and top-tier cryptos were still continuing their slump. The top-tier cryptos are still compact, experiencing a deep correction.

Based on data from Coinmarketcap, Wednesday morning, May 11, 2022, the crypto with the largest market capitalization, Bitcoin (BTC) weakened 2.25 percent in 24 hours and 19.55 percent in the week.

Currently, the bitcoin price is at the level of USD 30,446.18 per coin.

Ethereum (ETH) is also still weak. Over the past 24 hours, ETH plunged 0.68 percent and 18.13 percent in the week, respectively. With that said, ETH is currently at USD 2,288.08 per coin.

The next cryptocurrency, Binance coin is also still weak. In the last 24 hours BNB fell 0.02 percent and 18.92 percent a week. This makes BNB priced at USD 311.08 per coin.

Other Crypto Prices

Then Cardano (ADA) is also still struggling in the red zone. In the last one day ADA weakened 3.94 percent and 20.71 percent a week. Thus, ADA is at USD 0.6136 per coin.

Meanwhile, Solana (SOL) is still weak this morning. Throughout the last one day SOL weakened 3.88 percent and 25.61 percent a week. Currently, the price of SOL is at the level of USD 64.09 per coin.

XRP is also still deeply corrected. In the past day, XRP fell 1.51 percent and 17.14 percent in the week. That way, XRP is now priced at USD 0.5017 per coin.

Terra (LUNA) weakened very deeply. Terra is down 66.15 percent in the last 24 hours and 82.47 percent in the week. Currently Terra is priced at USD 14.46 per coin.

Stablecoins such as Tether (USDT) and USD coin (USDC), today are both down 0.03 percent. This caused the price of both to drop to the level of USD 0.9998.