It has been a difficult month for Bitcoin and the cryptocurrency market in general, as investors are still trying to assess their losses following the dramatic drop in Terra stablecoin UST and LUNA token. The leading cryptocurrency lost more than 22% of its value in the last 30 days, while its market cap shrank from $750 billion to the current value of $569 billion.
Following the same line, the price of Ethereum (ETH) falls 8% and operates around $1,700, intraday lows of the last week. This is also down 35% from early May, when ETH changed hands in the region at around $3,000.
Elsewhere, Solana is down 11% for the day after the Layer-1 blockchain’s four-and-a-half-hour outage on Wednesday. Other major networks suffered significant losses: Polkadot (DOT) fell 8.65% in the last 24 hours, Avalanche (AVAX) as well.
“The $30,000 mark is proving to be a hurdle for Bitcoin once again. The largest cryptocurrency stabilized below that level after falling on Wednesday and closing down 6.8%, near the lows of the session.
“The technical outlook is neutral at best and Bitcoin really needs to trade back above $40,000 before any kind of bullish outlook can be confirmed.Nicholas Cawley, a strategist at DailyFX, wrote in a note.
Source: Ambito
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