{"id":30998,"date":"2022-05-15T18:07:40","date_gmt":"2022-05-15T18:07:40","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout"},"modified":"2022-05-15T18:18:48","modified_gmt":"2022-05-15T18:18:48","slug":"bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout","title":{"rendered":"Bitcoin trades below $30,000 as markets digest TerraUSD fallout"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Bitcoin staged a modest recovery to trade just below<\/p>\n

$30,000, extending a period of relative market calm after the collapse of a closely<\/p>\n

watched stablecoin roiled digital assets in the past week.<\/p>\n

The largest cryptocurrency advanced 1.1% to $29 670 (~R479 531)<\/p>\n

at 10:40 am in London. Ether, the second-biggest token, rose 1.9% while coins<\/p>\n

like Avalanche and Cardano posted larger gains.<\/p>\n

Bitcoin dipped to a low of $25,425 (~R410 922) on Thursday<\/p>\n

after the TerraUSD algorithmic stablecoin unraveled, throwing the entire<\/p>\n

ecoystem that supports it into disarray. At its height, the market panic<\/p>\n

engulfed the $76 billion stablecoin Tether, a key cog in cryptoassets that<\/p>\n

briefly dipped from its dollar peg.<\/p>\n

More<\/p>\n

than R3.2-trillion wiped out in 24-hour cryptocurrency bloodbath<\/p>\n

“We have witnessed the rapid decline of a major<\/p>\n

project, which sent ripples across the industry, but also a new found<\/p>\n

resiliency in the market that did not exist during the last market downswing,”<\/p>\n

Changpeng Zhao, chief executive officer of crypto exchange Binance Holdings,<\/p>\n

tweeted on Sunday.<\/p>\n

Even after Sunday\u2019s recovery, the total market value of<\/p>\n

cryptocurrencies has dropped by about $350 billion in the past week to roughly<\/p>\n

$1.35 trillion, according to data from CoinGecko.<\/p>\n

Bitcoin is almost 60% off its November all-time high.<\/p>\n

While crypto markets may have digested the worst of the<\/p>\n

TerraUSD fallout, the asset class faces other challenges — most notably,<\/p>\n

rising global interest rates and tighter liquidity conditions. Federal Reserve<\/p>\n

Chair Jerome Powell this week reaffirmed that the central bank will likely<\/p>\n

raise interest rates by a half-point at its next two meetings.<\/p>\n

“I remain long term bullish, especially on Bitcoin,”<\/p>\n

said Vasja Zupan, president of cryptocurrency exchange Matrix. “But I do<\/p>\n

foresee high volatility for some time followed by a period of much lower<\/p>\n

volumes at lower prices before we can expect trending to new all-time highs.”<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Bitcoin staged a modest recovery to trade just below $30,000, extending a period of relative market calm after the collapse of a closely watched stablecoin roiled digital assets in the past week. The largest cryptocurrency advanced 1.1% to $29 670 (~R479 531) at 10:40 am in London. Ether, the second-biggest token, rose […]<\/p>\n","protected":false},"author":84,"featured_media":30997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,579,581,580,578,234],"class_list":["post-30998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-bitcoin","tag-cryptocurrencies","tag-stablecoin","tag-terrausd","tag-uganda"],"yoast_head":"\nBitcoin trades below $30,000 as markets digest TerraUSD fallout - Uganda<\/title>\n<meta name=\"description\" content=\"Bitcoin staged a modest recovery to trade just below $30,000, extending a period of relative market calm after the coll ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin trades below $30,000 as markets digest TerraUSD fallout\" \/>\n<meta property=\"og:description\" content=\"Bitcoin staged a modest recovery to trade just below $30,000, extending a period of relative market calm after the coll ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-15T18:07:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-15T18:18:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/05\/postQueueImg_2-628143e7cf3b3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bitcoin trades below $30,000 as markets digest TerraUSD fallout\",\"datePublished\":\"2022-05-15T18:07:40+00:00\",\"dateModified\":\"2022-05-15T18:18:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\"},\"wordCount\":314,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/05\/postQueueImg_2-628143e7cf3b3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"bitcoin\",\"cryptocurrencies\",\"stablecoin\",\"terrausd\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/bitcoin-trades-below-30000-as-markets-digest-terrausd-fallout\",\"name\":\"Bitcoin trades below $30,000 as markets digest TerraUSD fallout - 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