Monday, February 26, 2024

UST And LUNA Dump Another 20%, BTC Rejects At $30K

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UST and LUNA dump another 20% as BTC got rejected at the $30,000 price point we can see more today in our latest altcoin news.

UST and LUNA dump again and continue to lose value ever since last week’s collapse. Bitcoin short surpassed $30,000 but got rejected and dropped by a thousand. Most of the altcoins are in the red today and ETH struggled below $2000 and SOL got down to $50. Bitcoin was not able to overcome the $30,000 coveted level and in the past days, it did make a few attempts but got stopped in the tracks after each. BTC spiked to $31,000 but was once again stopped on both occasions so the cryptocurrency dropped below $29,000 where the bulls stepped up and didn’t allow for more declines.

BTCUSD. Source TradingView

Bitcoin also went on the offensive and jumped by $200 in one day to a new high of $30,750 but the bearish marekt resulted in another rejection and BTC dumped by $2000 in a matter of hours. After bouncing off at $28,750 and then jumping above $29,000 where it is now situated. The market cap declined to $560 billion with the dominance over altcoins being 44.6%. the alternative coins mimicked BTC’s performance as of late with the past 24 hours bringing some minor declines again.

Ethereum traded above $2000 but with a 2.5% decrease whcih drove the second biggest crypto to under this level as of now. Binance Coin sustained above $300 and Cardano is down by $0.50 after smaller daily retracements. XRP, TRON, and SOL all lost value, and DOT, DOGE, SHIB, and AVAX Are also in the red. The drama around Terra’s cryptocurrencies continued as both of them dropped another 20% in the past day. The crypto market cap is down to $1.250 trillion after hitting $1.3 trillion.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

A lot has been happening recently with Terra and the crypto project after the failure of the two native digital assets in the past two weeks. One of them included owing $78 million in taxes to the South Korean government but Do Kwon claims Terraform Labs paid the taxes in full. The reports showed the events that transpired two weeks ago when UST, the algorithmic stablecoin issued by tErra lost the peg against the dollar. Kwon said that they don’t have outstanding tax liabilities in Korea and added that the local tax agency conducted a tax audit but the company had been paid in full.

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