The BTC/USD crashed below the support at 30,000 as demand for cryptocurrencies waned.
Enter your emailSell the BTC/USD and set a take-profit at 25,470.Add a stop-loss at 27,000.The coin dropped to a low of 27,830, which was the lowest level in eleven months. It has crashed by more than 60% from its all-time high.The biggest story in the cryptocurrency industry has been the implosion of Terra and its ecosystem. LUNA, which was one of the top-ten cryptocurrencies, declined sharply after its main stablecoin lost its peg.
Therefore, the BTC/USD pair has crashed as investors worried about contagion in the blockchain industry because of the important role that stablecoins play in the sector. Also, there are signs that there will be more regulations in the sector. Meanwhile, on-chain data shows that many Bitcoin holders have started liquidating their positions during the crash. At the same time, inflows have been limited, as evidenced by the performance of Coinbase. On Tuesday, the company revealed that it made a major loss of over $400 million as the number of active users crashed. Its revenue and forward guidance missed what analysts were expecting.The pair managed to move below the important support at 30,000 as the LUNA implosion continued.
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