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- The crypto market has dropped 10.70 percent in the last 48 hours, with the benchmark cryptocurrency bitcoin down 11.59 percent to slightly above $30,000. Other big cryptocurrencies also plummeted this week, with Ether down 19.29% and XRP, Cardano’s ADA, and Solana (SOL) all shedding more than 25% of their value.
- On major exchanges, the world’s largest stablecoin briefly fell under $0.96, raising fears of an impending UST-style death spiral. Tether CTO Paolo Ardoino told USDT holders, however, that over 300 million tokens had been redeemed at the $1 peg in the previous 24 hours.
- Anything is possible, and the bitcoin carnage could continue, with fear, uncertainty, and doubt (FUD) at levels reminiscent of the crypto market tragedy in 2018. Brandt, on the other hand, sees a base-forming at $27K, which might ready the world’s most valuable cryptocurrency for the next leg up.
While the crypto market was hurtling toward a historic crash due to a slew of bad news, renowned trader Peter Brandt claimed that bitcoin will hit $28,000 by December 2020. As investors look for a way out of the current quagmire, Brandt believes the bitcoin market’s freefall may have reached its bottom. We may have already hit rock bottom. Peter Brandt speculated on Thursday that the $27K mark could be a local bottom for bitcoin. The large increase in volume, according to the traditional chartist, indicates that traders are capitulating.
According To Peter Brandt Bitcoin’s Local Bottom Is $27,000
This type of volume spike can signal puke-out surrender and the start of the one-year decline’s finish. Can the devastation be sustained? Everything is possible, including a local bottom. I mentioned a probable low of $27,000, which might be $BTC.
The flaw, according to Brandt, occurred when the Terra stablecoin crash ricocheted into the trustworthy bitcoin. Terra’s LUNA dropped approximately 100% of its value in under a week as UST lost its dollar peg, as ZyCrypto previously reported. This fall is widely regarded as one of the swiftest and most virulent in crypto history, with disastrous consequences for the whole cryptocurrency ecosystem.
The crypto market has dropped 10.70 percent in the last 48 hours, with the benchmark cryptocurrency bitcoin down 11.59 percent to slightly above $30,000. Other big cryptocurrencies also plummeted this week, with Ether down 19.29% and XRP, Cardano’s ADA, and Solana (SOL) all shedding more than 25% of their value.
Notably, the crypto catastrophe is occurring simultaneously with a stock market crash. Since the Fed’s decision to raise interest rates last week, stock prices have been falling.
Debate About Stablecoins
As can be seen, bitcoin fundamentals are taking a back seat to fear-based trading. Because cryptocurrency investors are progressively fleeing the market, Tether’s USDT has lost its peg to the dollar. On major exchanges, the world’s largest stablecoin briefly fell under $0.96, raising fears of an impending UST-style death spiral. Tether CTO Paolo Ardoino told USDT holders, however, that over 300 million tokens had been redeemed at the $1 peg in the previous 24 hours.
According to CoinMarketCap data, USDT has somewhat recovered and is currently trading at $0.99 at the time of posting. Anything is possible, and the bitcoin carnage could continue, with fear, uncertainty, and doubt (FUD) at levels reminiscent of the crypto market tragedy in 2018. Brandt, on the other hand, sees a base-forming at $27K, which might ready the world’s most valuable cryptocurrency for the next leg up.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
