Crypto Going Crazy
The cryptocurrency market is very volatile and trending in the wrong direction.
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Subscribe for free to get more stories like this directly to your inboxCryptocurrencies are still trending in the wrong direction, coming in the wake of the collapse of TerraUSD. Not only that, Bitcoin has gone through its most volatile week in over two years.
The collapse of algorithmic stable coin TerraUSD and its sister token Luna erased $270 billion from the Trillion-dollar value in the Crypto sector.
Bitcoin has been bouncing up and down all week, leading to many sell-offs resulting in Bitcoin having about a -2.5% drop from Friday to Saturday. However, Bitcoin is not the only cryptocurrency to have a rough week. In fact, most notable cryptocurrencies did as well.
Coins like Shiba Inu and Cardano saw drops from Friday to Saturday by around 7%. The market's short-term outlook is not great at the moment, and drops are expected to continue.
Any crypto investment would have to be a long-term play as analysts are still confident in the market. Still, the current negative trends have probably yet to bottom out. One thought, though, would say to keep monitoring it, and the opportunity is there right now to buy cheap with the potential for long-term gains.
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