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Over the last few weeks, the crypto market went through heavy turmoil. The crypto market lost around $2 trillion. Stable coins seem to be suffering the most.
The Terra meltdown and the de-pegging of the UST coin following it stirred shock waves across the crypto space. The arbitrage mechanism of the ecosystem proved to be unsuccessful in reviving it. At one point, LUNA was down by over 99%.
The prices of flagship currencies, Bitcoin and Ethereum, plummeted heavily. Bitcoin and Ether together went down for the freefall. However, the market analysts believe that Ether has been outperforming Bitcoin for a while now. Bitcoin even fell below around $28,000. At the time of writing, the price of Bitcoin was trading at $29,285.57, down 3.35% in the past 24 hours.
However, Bitcoin has performed better than Ethereum, especially during the bear market, as per the data from on-chain data. The monthly return profiles for both BTC and ETH were disappointing in the short term.
On the recent market volatility, Bitfinex Market Analysts have provided a commentary which is given below:
“The recent market volatility that we’ve witnessed is drawing increasing numbers of institutional investors into the space, especially those with interest in derivatives. This belies the outflow that is being seen in digital token investment products indicating that interest — in bitcoin in particular — remains high. Investment from big institutions in infrastructure supporting the digital token economy continues, as evidenced by the recent investments made by Goldman Sachs and Barclays in Elwood Technologies. The icy calculation of institutional capital pours scorn on bitcoin’s critics. Today, prices across the cryptocurrency space are in the green. Regardless, this is a long-term game.”
Bitfinex is a crypto exchange that offers crypto trading services to cryptocurrency holders and global liquidity providers worldwide. Founded in 2012, Bitfinex also provides access to peer-to-peer financing, an OTC market, and financed trading for various cryptocurrencies.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
