Bitcoin has managed to rise from below $ 30,000 to nearly $ 32,000 this morning, and at the same time the market situation has calmed down. Some analysts say bitcoin could rise to $ 35,000 in the next day or two.
According to the Quin Telegraph, this morning bitcoin fell below $ 30,000 for the first time in 10 months, which according to some experts is mainly due to the turmoil in the Terra network and the fall in the price of the stable UST (UST).
As can be seen from the chart above, the price of bitcoin today reached its lowest level of $ 29,700. The last time the price of bitcoin fell below $ 30,000 was in July 2021 (July 1400). The price also fell this morning as the global stock market fell and at the same time as the price of the UST, the stable dollar coin of the Tera network also fell to $ 0.65 with an unusual decline.
As previously reported, UST faced huge sales this week, forcing the Luna Foundation to use $ 750 million of its bitcoin reserves to maintain the value of this stable coin.
These initial measures in the form of a liquidity boost, supported by the UST, were not sufficient and the price of this stable coin reached $ 0.65 at its lowest level. Meanwhile, the market price of “Bitcoin?” The US dollar (BTC / UST) reached $ 42,000, while the price of bitcoin on the other stable dollar coin market was $ 30,000.
Following the incident, rumors of a drop in UST prices quickly spread on social media; However, Tera co-founder Do Kuon did not react after announcing that Luna Foundation’s bitcoin reserves were being used to maintain the value of the UST.
His only reaction after the news broke was that he retweeted a tweet from Jose Macedo, director of the Delphi Ventures Institute, about the situation. Makado said Terra’s emergency measures could eventually lead to more decentralization than the UST, the largest decentralized stable dollar-denominated coin on the market.
He wrote on Twitter:
Opponents will criticize the incident of centralism he has created, and they are right now. Reserves of the Luna Foundation [که از بیت کوین، لونا، اولنچ، تتر و یواسدی کوین تشکیل شده است] This made UST stronger and, of course, temporarily more focused.
Luna Foundation’s portfolio data also confirms this transfer, and the balance of the portfolio appears to have fallen from 70,000 bitcoin units ($ 2.23 billion) to zero.
The Luna Foundation said it had not sold all the bitcoins it had bought before, and promised the community to share the details of the digital currency.
At the time of writing, bitcoin has managed to rise from the lowest $ 29,700 this morning to nearly $ 32,000.
Some bought on this threshold, one of which is the government of El Salvador. El Salvador bought 500 bitcoins for $ 30,744, according to Salvador President Najib Abu Kila.
“Michael Telegraph analyst Michael van de Pope said:
I don’t know how much the market will improve and UST is affecting the fall in prices. All I know is that the fall in the price of the UST is a temporary problem and I think bitcoin will be trading at around $ 35,000 over the next 24 to 48 hours.
The UST problem has not been fully resolved so far, and this stable coin is still trading at 8% of the US dollar. Luna, which has lost 50 percent of its value in the last 24 hours, is now hovering around $ 33.
The results of a survey on Twitter among 15,000 participants show that 60% of people expect the UST to reach $ 1 again.
Analysts’ publication: Bitcoin could reach $ 35,000 in the coming days appeared for the first time in Digital Currency.