Weekend Watch: LUNA Dumps 8%, Bitcoin Struggling at $36K

After yesterday’s massacre, bitcoin slipped slightly more and dropped to another multi-month low. Most altcoins are in a similar position, with Terra losing the most value on a daily scale. In contrast, TRON, Algorand, and Monero have charted impressive gains.

Bitcoin’s Latest Low

It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. In fact, the cryptocurrency had spiked toward $40,000 earlier this week, after the latest FOMC meeting, in which the Fed said it will raise the interest rates by 50 basis points.

After failing at $40,000, BTC retraced slightly but remained close to that level in the next 24 hours. However, this is where the situation changed for the worse. In just a matter of hours, bitcoin dumped by more than $4,000 and plummeted to a 10-week low of $35,600 (on Bitstamp).

It bounced off at first and regained around $1,000, but the bears kept their momentum going and pushed it south once more. Thus, BTC charted another multi-month low at $35,300.

As of now, the asset trades below $36,000, and its market capitalization has remained well beneath $700 billion.

BTCUSD. Source: TradingView

LUNA’s Correction Continues

The alternative coins suffered just as badly as BTC yesterday, and the landscape for most today is somewhat identical.

Ethereum has dropped below $2,700 after another minor decline, Solana struggles to remain above $80, while Ripple, Cardano, Polkadot, and Avalanche have also charted slight daily decreases.

Terra is the most significant loser from the larger-cap altcoins. LUNA has dumped by another 8% today and trades below $75.

Aside from Binance Coin, Dogecoin, and Shiba Inu, which are slightly in the green, TRON has gained the most from the larger-cap alts. TRX is up by more than 5% and sits above $0.08.

Algorand and Monero have also reacted well to yesterday’s bloodbath with increases of 8% and 6%, respectively.

The crypto market cap has lost around $30 billion more and is now down below $1.650 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto