Yep, Bitcoin is still volatile.
Earlier this week, it fell below $30,000 but has since retaken that level at the time of this publication.
While the world’s most popular crypto has been suffering alongside the tech sector this year, the selloff intensified this week after TerraUSD, an algorithm-backed stablecoin, depegged against the U.S. dollar. This proceeded to send its sister token, Luna, crashing.
If you’re wondering exactly how that works, TheStreet Crypto’s Sabrina Toppa broke it down.
But with the crash spooking crypto investors on top of the bear market environment that equity markets are facing, what’s next for Bitcoin?
Well, the Bitcoin rollercoaster continues for the world’s most volatile asset.
It’s ya boy Ross Mac and this is what crypto investors are watching on Friday, May 13.
Bitcoin has faced a volatile week as the equity markets continue on a losing streak and the collapse of the UST stablecoin and Luna. Bitcoin dropped below the $29,000 level that we had been eyeing earlier this week, but managed to rebound. However, it’s still on track to have yet another losing week as inflation concerns and a move away from growth stocks weigh on investors.
For those who have been holding Bitcoin for years, this volatility–while anxiety-inducing–is not anything new. Back in 2017, Bitcoin spiked to $20K before it fell below $10k and struggled for months. If the popular crypto falls to $21k, then Microstrategy will have to offer collateral–from their bitcoin holdings–on the loan that they took out to continue their bitcoin buying strategy or face a margin call, according to CFO Phong Le. But is the worst over for bitcoin?