After a turbulent week, cryptocurrencies are recovering some of the losses aggravated by the collapse of stablecoin TerraUSD
As of 9:46 a.m. ET, bitcoin is trading around $30,696, nearly 10% up since yesterday. All other major cryptocurrencies are posting double-digit percentage gains. Ether
Embattled UST, designed to always be worth $1, is now worth 13 cents. Its “stabilizer” token LUNA
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Scottie Siu, investment director of Axion Global Asset Management, a Hong Kong-based firm that operates a crypto index fund, told Reuters, “I think there is more downside in the coming days. I think what we need to see is the open interest collapse a lot more, so the speculators are really out of it, and that’s when I think the market will stabilise.”
Alex Kuptsikevich, the FxPro senior market analyst, has also expressed caution, “This could be both the start of an extended buying wave and a trap for the bulls.” He points out that the Bitcoin
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