The cryptocurrency market digest (BTC, LUNA). Overview for 13.05.2022

It seems like the worst expectations for the BTC are coming true. Yesterday, the major crypto asset dropped to $25,401. Right now, it is trading around $30,629.

The technical picture remains the same: the asset may plummet to $20,000 unless it is able to fix between $29,000 and $30,000. The next bearish target is at $8,700 and then $5,000. In this light, there is no sense to draw comparisons between the crypto sector and the US stock market. Both are plunging.

Coinbase: a common area of responsibility

Coinbase attracted a lot of attention this week. The company released its quarterly report and announced amendments to the User agreement. According to the new draft, all users of the crypto exchange are now its loaners. So, if the company goes bankrupt – this is a possibility – then the token owned by users may be used to clear debts of Coinbase. Of course, no one is talking about bankruptcy, but these nuances in the User agreement didn’t make investors happy – the stock plunged over 27%.

UST: too much volatility

Some days ago, the United States secretary of the treasury Janet Yellen called for passing a stable coin related law. There are too many activities and emotions around TerraUSD – the token suffered from a massive withdrawal of assets, plummeted, and then tried to regain its positions. It all started when one of the investors requested to sell UST worth $300 million. It caused a panic in the market and a decline in the rate.

We remind you that the cost of LUNA, which is a part of the Terra ecosystem, plunged. Last week, it was $80 and now it’s $0.06. early in May, LUNA was in the Top 10 of the cryptos with the biggest capitalisation.

Source: Roboforex

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