Bitcoin is Trying to Recover its Losses

The leading cryptocurrency Bitcoin partially recovered, after yesterday's crash.

Bitcoin is Trying to Recover its Losses. After the collapse in the crypto money markets, Bitcoin rose above $30 thousand today. However, due to the heavy losses in TerraUSD (UST), known as the 'stable coin', and Luna, Bitcoin could not make up for its losses, so the leading cryptocurrency lost value for 7 consecutive weeks. The Fed's aggressive interest rate hike to combat inflation and the economic data from the US pointing to the continuation of the tightening policy adversely affected the cryptocurrency markets. Cryptocurrency markets declined due to the sale of risky assets due to the concerns about interest rates. The ultimate blow came when UST, the Luna community's stablecoin, lost its price level and dropped from $100 to less than $0.1. Yesterday, the market for other cryptocurrencies plummeted. With the panic sales, Bitcoin fell to $26 thousand yesterday. Today, the leading crypto money, which saw over $30 thousand again in the morning hours, recovered from the lowest level in 16 months. Experts state that there is a recovery in BTC with the effect of investors who consider the current situation as a buying opportunity.

The Market Will Stabilize

Commenting on the subject, Scottie Siu, investment director of Axion Global Asset Management, said, “In my opinion, there will be more downward pressure in the coming days. Open interest needs to decline much more so that speculators are truly out of the market, and I think when that happens the market will stabilize.” ByBit Turkey Research Manager Beste Naz Süllü said, "Bitcoin, which has so far failed to break beyond the previous day's highs, should react up to 34 thousand levels. Otherwise, we can expect weak movements between 28,500 and 32 thousand."