Crypto Currency News

Bitcoin Price Stumbles Again and Drops 4%

Bitcoin is down 4% in today's trading and holding just above $44,000.

Bitcoin is down 4% in today’s trading and holding just above $44,000. In this way, the leading cryptocurrency accumulates a weekly drop of 6%, although the monthly numbers continue to rise by 13%. At the closing of this note, the price of BTC is USD 44,005.

Today the Bitcoin Conference 2022 began in Miami, Florida, and all eyes of the crypto ecosystem are on there. Experts, referents and politicians related to the crypto market are present as speakers, and there are expectations in their forecasts about the short and medium term for BTC and the rest of the cryptocurrencies .

Another of the big news of the day was the new investment of Terra Labs in BTC. The company behind the Terra blockchain has just dumped another $230 million into the flagship cryptocurrency , as part of its Terra US project, a BTC-backed stablecoin.

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The company commanded by Do Kwon already has 35,767 BTC on its balance sheet -equivalent to 1,620 million dollars . According to his plans, he still has to buy BTC for a total of 8.38 billion dollars to finish forming the backup balance for his new asset.

Altcoins

The rest of the altcoins also saw sharp declines in the last 24 hours. Ether (ETH) is down nearly 7% and is currently trading at $3,239 . Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) corrected by the same measure and are respectively at $1.10, $0.15, and $113.

Solana (SOL) tumbled 10% to $117, while Binance coin (BNB), Terra ( LUNA ), and XRP fell more than 5% to $427, $108, and $0.77, respectively.

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