A historic week in crypto saw free markets tested and algorithmic stablecoin UST all but destroyed. As inflation numbers continued to disappoint and regulators renewed promises to pull digital assets under Federal control, the crypto community vowed to continue BUIDLing amidst the chaos and FUD.
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Following mass FUD surrounding UST and continued global economic fragility, Bitcoin (BTC) experienced a record 6th consecutive red weekly candle. Since the overall market crash that began Monday, BTC has dropped to over 50% of its ATH dipping as low as $26,600 on May 12th.
Zooming out, BTC is trading at late 2020 price levels and testing out a $29,000 support level.
NFT and metaverse tokens and even some crypto majors plummeted during the bloodbath that ensued following the UST depegging and continued news of economic instability. Extreme fear has gripped global markets and taken alts with it while stablecoins other than UST remained steady, their modest moves one of the few green areas of the market.
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Following mass FUD surrounding UST and continued global economic fragility, Bitcoin (BTC) experienced a record 6th consecutive red weekly candle. Since the overall market crash that began Monday, BTC has dropped to over 50% of its ATH dipping as low as $26,600 on May 12th.
Zooming out, BTC is trading at late 2020 price levels and testing out a $29,000 support level.
NFT and metaverse tokens and even some crypto majors plummeted during the bloodbath that ensued following the UST depegging and continued news of economic instability. Extreme fear has gripped global markets and taken alts with it while stablecoins other than UST remained steady, their modest moves one of the few green areas of the market.
Turn TradingView alerts into executable signals with Quadency’s TradingView bot!
Maker (MKR) is an Ethereum-based crypto that was developed to support the DAI stablecoin through a smart contract, external market mechanisms, and monetary incentives. With all eyes this week on UST and its partner LUNA token, MKR was down only 2.57% while DAI has not strayed from its peg for a year.
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