• Wed. Jun 22nd, 2022

Is Terra the death of digital assets?

ByHazel R. Lang

May 14, 2022

Bitcoin, Terra (Luna) Talking Points:

  • Bitcoin Bulls Fight Back, Psychological $30,000 Level Still Key
  • Terra and Coinbase are collapsing, can the digital realm recover?
  • The USD is gaining popularity as a safe-haven asset (at least for now)

Bitcoin ‘Buffer’ Scrutinized – Crypto Woes Continue

Bitcoin, Ether and other major cryptos currently remain in the headlines after a tumultuous week of see-saw price action.

As an array of fundamental and geopolitical factors continue to weigh on risk sentiment, digital assets (which have performed exceptionally well since the start of the Covid-19 pandemic) have recently struggled to determine optimism. justification that previously allowed the market capitalization of the industry to temporarily exceed the $3 trillion mark before falling back below the $2 trillion mark.

Although Coinbase’s dismal earnings release and the collapse of the Terra (USDT) stablecoin have recently contributed to a drop in demand for digital assets, Bitcoin prices have managed to temporarily rebound from the key psychological level. of $30,000 which currently remains both critical support and resistance for the impending move.

As the uncertain geopolitical backdrop continues to weigh on digital assets, the BTC/USD pair should continue to catalyze price action, at least for now.

For the week ahead, the release of major economic data and major news events could continue to contribute to the price movement of digital assets with the potential to increase or decrease the price of digital assets.

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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