Bitcoin news – live: Price drop continues as ‘stable’ crypto coin UST breaks away from dollar

Related: Is it time to buy the dip?

According to some crypto market analysts, bitcoin is teetering on the edge of a precipice, with its price hitting its lowest level since July 2021.

The cryptocurrency has lost over 50% of its value in the past six months amid a market-wide slowdown that has wiped over $1.5 trillion from the overall crypto market.

Sitting just above $30,000 on Wednesday morning, some fear it could face even deeper losses if it breaks below this key support level.

Since first breaking above this price in early 2021, BTC has never fallen below it for a significant period of time, meaning it will be in uncharted territory if the selloff continues.

Bitcoin has so far managed to hold just above, with some hoping it can stage a rally similar to last summer, which has taken it to new highs before the end of the month. year.

You can follow all the latest news, analysis, and expert price predictions for bitcoin, as well as other top cryptocurrencies like Ethereum (ETH), Solana (SOL), and Cardano (ADA), here.


Dollar-pegged UST ‘stable’ coin is now worth $0.33

Terra’s UST stablecoin, which is supposedly pegged to the price of the US dollar, is now worth less than a third of that, sending shockwaves through the decentralized finance (DeFi) industry and the crypto space. wider.

The Luna Foundation Guard (LFG) is now seeking to raise $1 billion to save the UST and bring it back to par with the dollar.

According to Terraform Labs founder Do Kwon, LFG is “on the verge of announcing a relaunch plan for UST”, although this is a complex task for a token controlled by AI algorithms.

The price of Terra (LUNA) also crashed, dropping more than 97% in the past 24 hours, according to CoinMarketCap’s price index.

Anthony CuthbertsonMay 11, 2022 1:57 p.m.


Bitcoin Whales Hit 18-Month Low

The number of large bitcoin holders, known as whales, has hit its lowest level since November 2020.

The trend was spotted by crypto commentator Lark Davis, who shared a graph showing the number of bitcoin whales being tracked using data from on-chain analytics firm Glassnode.

The drop in the number of whales shows the severity of this latest selloff, but is also a good sign that the cryptocurrency is more evenly spread among investors and not being hoarded by a small group.

Anthony CuthbertsonMay 11, 2022 12:43 p.m.


Bitcoin Price Drop Explained

What caused bitcoin prices to crash and where does it go from here? These are the questions we asked crypto market analysts and experts to help decipher what exactly is going on.

The slowdown coincided with a major slump in tech stocks, with some saying cryptocurrencies have become more in sync with traditional markets as they become more accessible to retail and institutional investors. Others warn that sustaining the $30,000 level could be critical for Bitcoin’s short to medium-term outlook.

You can read the full story here:

Anthony CuthbertsonMay 11, 2022 11:22 a.m.


Bitcoin Price Collapse Plan for MicroStrategy

MicroStrategy, the world’s largest corporate investor in bitcoin with holdings of around $4 billion at current rates, has so far refused to sell any of its crypto stocks.

Part of this reserve was acquired through bank loans that used the company’s existing assets as collateral, which could lead to complications if the price fell significantly further.

CEO Michael Saylor shared what the plan is if bitcoin completely implodes, saying that even if the cryptocurrency’s price falls below $3,562 — 90% lower than today’s prices — the company could still survive.

Anthony CuthbertsonMay 10, 2022 6:39 p.m.


Bitcoin price is enjoying a moment of calm

There have already been $1.1 billion in liquidations of major cryptocurrencies in the past 24 hours, according to data from Blockworks, but the massive sell-off appears to have diminished.

Bitcoin has so far managed to hold above the $30,000 level, but only narrowly. After surging above $32,000, it has since fallen back to $31,000 in the past hour.

Compared to the volatility of the past few days, the day so far has been relatively quiet. But is there even more storm to come?

Anthony CuthbertsonMay 10, 2022 4:23 p.m.


Bitcoin price crash: “When in doubt, zoom out”

A popular adage from veteran bitcoin investors during price crashes is “when in doubt, zoom in.”

An overview shows that bitcoin is up 250% from May 2020, 35% since May 2018, and over 6,000% since May 2016.

Zooming in even further, ten years ago a bitcoin was worth just $5. This represents an astonishing price gain of 600,000%.

Anthony CuthbertsonMay 10, 2022 1:17 p.m.


Bitcoin City

The scale model of the still unbuilt Bitcoin city of El Salvador, which was shared by President Nayib Bukele overnight, provided insight into the mega project.

There are lots of trees, lots of landmarks and even a “magnificent volcano lookout”. This volcano is going to be used not only to supply the city with geothermal energy, but also to provide the energy needed to mine bitcoin.

The circular city will wind up the flank of the Conchagua Volcano on the Gulf of Fonseca in the southeast of the Central American country, and construction is expected to begin later this year.

You can read the full story here:

Anthony CuthbertsonMay 10, 2022 12:08


Bitcoin Price at $10,000 from MicroStrategy Margin Call

MicroStrategy, the world’s largest corporate investor in cryptocurrency, revealed earlier this month that it was facing a margin call on its $205 million bitcoin-backed loan with Silvergate Bank if bitcoin was down to $21,000. We are now only $10,000 away from this point.

If hit, MicroStrategy chief financial officer Phong Le explained during the company’s Q1 earnings calls that he would use some of his unsecured BTC holdings to pay him off. Either way, it would spell disaster for CEO and co-founder Michael Saylor, who has pledged his reputation on the belief that bitcoin’s price will rise in the long run.

Here’s what he said on the earnings call:

We contracted the loan at an LTV of 2%; the margin call occurs at 50 percent LTV. So basically bitcoin needs to be halved to around $21,000 before we have a margin call.

As you can see, we mentioned earlier that we have quite a few unsecured bitcoins. So we have more than we could contribute in case we have a lot of downside volatility. But again, we’re talking about $21,000 before we get to a point where there has to be more headroom or more collateral contributors. So I think we’re in a pretty comfortable place where we are right now.

Phong Le, CFO of MicroStrategy

Anthony CuthbertsonMay 10, 2022 10:22 a.m.


Bitcoin Price Drop Plunges Market Deeper Into ‘Extreme Scare’

The Crypto Fear & Greed Index fell further overnight, dropping from 11 to 10.

The Market Indicator – which analyzes data from cryptocurrency exchanges, Google Trends, social media posts and price volatility – is used to gauge current market sentiment. For some investors, the metric is also used as a gauge of whether to buy or sell, with “extreme fear” seen as a strong buy signal and “extreme greed” as a sell signal.

The last time the index was this low was on January 8, 202, and it has only fallen four times since its inception in February 2018. The lowest it has ever fallen is 5, which happened in August 2019, when bitcoin was trading below $10,000.

Anthony CuthbertsonMay 10, 2022 9:17 a.m.


Bitcoin Price Retests $30,000

This is the third time in the past 12 months – and the first time since last July – that bitcoin price has tested the $30,000 level.

The previous two times BTC fell this low, it managed to use the price as a platform to rebound. However, if the downward momentum continues, bitcoin will enter uncharted territory, having never fallen below $30,000 for an extended period since its first climb above it.

In the time it took me to put this chart together, bitcoin already appears to be resuming its ascent past $32,000. Let’s see if it can hold.

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Anthony CuthbertsonMay 10, 2022 08:07

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