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Crypto Bulls Optimistic As El Salvador Announces Bitcoin Giveaway for Citizens

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Bitcoin for Citizen

’s president has announced the government will airdrop $30 worth of Bitcoin (BTC) to every adult citizen of the country.

The announcement was welcomed by the crypto community as several analysts are speculating ’s government will need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

ALSO READ :- Video Footage Of Chidinma And Super TV CEO At A Restaurant

Quickly googled estimates of the adult population of El Salvador varied, with on-chain analyst Willy Woo tweeting that ’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

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Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back-of-the-envelope calculations suggesting that $195 million worth of will be airdropped across the country.

El Salvador’s president has announced the government will airdrop $30 worth of Bitcoin (BTC) to every adult citizen of the country.

Bitcoin for Citizen

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LUNA Crash, will luna come back up, what you must know

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Luna crash

Can LUNA crash, will luna rise again Empiregist understand that this is the question investors has been asking since the Terra Luna token fell from all time high of $119 (£96), last month, April 5th 2022 , to $0.0002 on Friday 13th May 2022.

Investors in the cryptocurrency Terra (LUNA) are panicking after the currency’s value dropped by more than 98% in a 24-hour period.

Terra, which was once among the top ten most valuable cryptocurrencies, fell below $1 (£0.82) on Wednesday after peaking at $120 (£98.60) last month.

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The sudden meltdown saw its market cap plummet from almost $40 billion (£32.9 billion) to only $220 million as at the time of reporting, triggering catastrophic losses.

Can LUNA recover, will luna rise again – Why did Luna crash?

Luna crashed due to its link to terraUSD (UST), a stablecoin which was pegged to the US dollar.

Stablecoins are cryptocurrencies linked to traditional ones.

UST decoupled from the dollar earlier this week, which sent its price tumbling through the floor.

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The coin’s collapse comes amid a general downturn for cryptocurrency, with many coins losing a quarter of their value in the past 24 hours.

Investors appear to be moving away from cryptocurrency and towards less risky investments in the face of global inflation.

Shares in Coinbase, the largest crypto exchange in the US, dropped 15.6 per cent overnight on Tuesday after it posted net losses of $430m (£348m), far worse than analysts were expecting.

Coinbase cited a “trend of both lower crypto asset prices and volatility that began in late 2021”, but was quick to point out that it does not expect these conditions to be “permanent”.

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The news has raised questions about whether the market has reached an expected cooling-off period – previously dubbed a “crypto winter” – or a more permanent chill, perhaps a “crypto ice age”.

Simon Peters, crypto market analyst at trading platform eToro, said: “The concern now for cryptoasset investors is when the slide will end.

“The market is caught in the wider adversity of investment markets that are battling to decide where confortable levels are in the wake of interest rate hikes designed to quell soaring inflation around the Western world.”

Can LUNA recover, will luna rise again? – So why has it so dramatically dropped in value, and will it ever bounce back?

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ALSO READ:- Bitcoin Crash Again In Crypto Market

 

Will Luna recover?

The coin has the potential to recover, but at present things are extremely uncertain.

Do Kwon, founder of Terra creator Terraform Labs, tweeted on Tuesday: “Close to announcing a recovery plan for $UST. Hang tight.”

He added on Wednesday: “I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.

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“The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category defining applications within… Terra’s return to form will be a sight to behold.”

Investing advice site Investing Cube has speculated there is a “good chance” the cryptocurrency could recover.

Analyst Kelvin Maina wrote: “For Luna to recover, they will need to address the problem and show clearly that such a drop will not happen again. As an analyst, I expect to see a bump in Luna prices after UST is pegged back to the dollar. I also expect the prices to start recovering after the Terra project shows that similar problems will not happen in the future.”

Similarly, Market experts are still bullish on the future of LUNA and expect the token to recover in future. However, they believe that it may take some time to repeg UST and the pain might last longer.

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Shivam Thakral, CEO of BuyUcoin, said the recent LUNA crash has revealed some major loopholes in the algorithm-backed stablecoins and the industry needs to act responsibly by addressing the concerns of the investors publicly.

“LUNA will take some time to recover from this shock and it will be a good idea to shift UST from algo to fiat-backed,” he added with hopes that the token will recover gradually.

Market participants believe that to stabilize this ecosystem, UST needs to move towards its $1 peg from its current $0.55 trade value, whereas LUNA will be distributed in this process and thus, LUNA’s unit value will likely remain modest.

The majority of the industry experts suggested that investors should not go all guns blazing in LUNA before it stabilizes after the carnage. One should avoid bottom fishing and hunt short term gains. Invest according to their risk appetite, they advise.

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UST is likely to recover, LUNA will have to ride out for the longer term to regain its strength, said Subbaraj from Giottus. “However, increased supply will cap its gains. We don’t recommend investors to buy LUNA before UST re-pegs.”

Edul Patel from Mudrex suggested not to jump into any impulsive buying activity now, whereas Thukral from BuyUCoin said that investors should stick to the fundamentals of investing and invest as per their risk appetite.

Members of Luna’s devoted subreddit have been lamenting their losses on Reddit. A subreddit is a subsidiary thread or category within the Reddit website.

“I lost over $450,000, I cannot pay the bank,” one wrote, while others have mentioned potentially losing their homes.

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How risky is cryptocurrency?

People invest at their own risk and cryptocurrencies are not regulated by British financial authorities.

All crypto investments are risky, but meme coins like Shiba Inu are particularly volatile, and you should be prepared to lose everything you invest.

The Financial Conduct Authority (FCA) warned in January: “Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money.

“If consumers invest in these types of product, they should be prepared to lose all their money.”

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Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown previously explained the risks involved.

She said: “On top of being extremely volatile, most cryptocurrencies are unregulated, which not only adds another layer of uncertainty but also means that investors have little or no protection against fraud.”

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Bitcoin Crash Again In Crypto Market

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Bitcoin Crash In Crypto Market

Bitcoin: Major cryptocurrencies, including Shiba Inu, Dogecoin, Ethereum, and bitcoin continue to crash in Crypto Market by 30%. The cryptocurrency market loses approximately $830 billion of its value in six weeks. Meanwhile, Rohit Sharma, captain of the India cricket team has jumped into the NFT world by launching his personal NFT collection.

 

The bloodbath in the cryptocurrency market continued on Thursday, with Shiba Inu and Dogecoin losing 30 per cent and 25 per cent, respectively. Bitcoin and Ethereum were trading lower by almost 9 per cent and 15 per cent, respectively.

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The global crypto market has lost approximately $830 billion in market capitalisation within six weeks. The global crypto market cap is down 12.91 per cent from $2.07 trillion on April 2, 2022, to $1.24 trillion at 8.50 am on Thursday. However, the global crypto volume was up by 39.34 per cent to $218.06 billion, as per Coinmarketcap data.

ALSO READ:-Ukraine Legalizes Bitcoin And Other Cryptocurrencies

Cryptocurrency Prices (Bitcoin)

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $28,881.96, lower by 8.93 per cent in the last 24 hours. Ethereum (ETH) crashed by 14.59 per cent to $2,052.45.

“Bitcoin fell below support levels of $30,000 for a short while, following the fall of terraUSD (UST), a USS dollar pegged stablecoin. With the collapse of the well known stablecoin and majority of institutional crypto investors losing money, the market is in a frenzy. Besides Bitcoin, other major altcoins witnessed trading in deep red.  The market leader is indicating oversold levels, upside seems to be limited. A brief price rally might take place, however a strong break is not expected, says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was down by 23.39 per cent at $0.4863, Algorand (ALGO) was trading with a loss of 27.04 per cent at $0.4339, Binance Coin (BNB) was down by 18.42 per cent at $262.59, Solana (SOL) was trading with a loss of 29.6 per cent at $47.91, and Polkadot (DOT) was down by 25.57 per cent at $8.53.

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Today’s top gainer was Metacyber (METAC), which was up by 329.24 per cent at $0.00000008982. The top loser was Terra (LUNA), which was down by 96.42 per cent at $0.5104.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 25.9 per cent at $0.08175. Its volume to market cap ratio stands at 0.247. Rival Shiba Inu (SHIB) was down by 29.56 per cent at $0.00001147.

Dogelon Mars (ELON) lost 32.66 per cent to trade at $0.0000004676, Floki Inu (FLOKI) lost 31.64 per cent at $0.000007476, and Samoyed Coin (SAMO) was down by 26.74 cent at $0.007114 .

In the DeFi segment, YFI (yearn.finance) was down by 20.44 per cent at $11,005.11. Terra (LUNA) was trading with a loss of 96.42 per cent at $0.5104, Avalanche (AVAX) lost 33.47 per cent at $29.66, Uniswap (UNI) was down by 22.43 per cent to trade at $4.77, and Aave (AAVE) was trading with a loss of 26.79 per cent at $77.83.

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Crypto Market Today: BTC and ETH Trim Gains, RUNE and WAVES Rally

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Bitcoin price

  • Bitcoin price is correcting gains from USD 42,500.

  • Ethereum failed above USD 2,750 and corrected lower, XRP settled near USD 0.75.
  • WAVES surged 34% while RUNE rallied 22%.

Bitcoin price struggled to clear the USD 42,500 resistance and is currently (04:20 UTC) correcting gains near USD 40,700, while a major support is near the USD 40,000 zone.

Similarly, most major altcoins are also moving lower. ETH failed to stay above USD 2,750 and corrected near USD 2,650. XRP outperformed many major coins and settled near USD 0.75. ADA failed to stay above the USD 0.85 pivot level.

Total market capitalization

Bitcoin price
Source: tradingview.com
ALSO READ:-BTC falls to $48,000 as Ethereum rises to $4,000

Bitcoin price

After a steady increase, bitcoin price faced sellers near the USD 42,500 zone and declined below the USD 41,200 level. The next key support is near the USD 40,200 and USD 40,000 levels, below which the price may perhaps decline to USD 39,500.

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On the upside, the price might face resistance near the USD 41,200 level. The next major resistance is near the USD 41,500 level, above which the price might retest USD 42,500.

Ethereum price

Ethereum price spiked above the USD 2,750 level, but there was no successful close. ETH is now correcting gains and testing the USD 2,650 support, below which the price might revisit USD 2,550.

If there is a fresh increase, the price could clear USD 2,720. However, a clear move above USD 2,750 is needed for a stronger increase.

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ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) was able to climb above the USD 0.850 resistance zone, but there was no upside continuation. The price is correcting gains below USD 0.82. Any more losses could send the price towards USD 0.80.

BNB spiked above the USD 395 resistance level and tested the USD 400 barrier. The price is correcting gains and it broke the USD 385 support, risking to slide to USD 375.

Solana (SOL) failed to clear the USD 90 level and dropped below the USD 85 level. If there are additional losses, the price may perhaps decline towards the USD 80 level.

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DOGE gained pace above the USD 0.122 level, but it failed to surpass USD 0.125. There was a fresh bearish reaction and the price declined below USD 0.120. The next major support on the downside is near the USD 0.115 level.

XRP price remained well bid above the USD 0.75 resistance level. It even spiked to test USD 0.78 before moving towards USD 75 again. XRP is up 1% in a day and down 1% in a week.

Other altcoins market today

Many altcoins are down over 5%, including AVAX, TRX, NEXO, LRC, HNT, GRT, FTM, and XMR. Meanwhile, RUNE erased all its weekly losses as it rallied 22% in a day and surpassed the USD 5 level. WAVES is once again the best performer among the top 100 coins. It rallied 38% in a day, surpassed USD 30, and increased its weekly gains to 61%.

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Overall, bitcoin price is correcting gains from the USD 42,500 zone. BTC might drop more, but the bulls could remain active near the USD 40,000 support zone.

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