Amid strong bearish sentiment, the cryptocurrency market showed signs of recovery on Monday morning. Coins such as Bitcoin, Ethereum, Solana, Cardano, XRP and Avalanche have seen a slight increase in the last 24 hours. The global cryptocurrency market cap jumped 3.66% to $1.31 trillion in the last day, according to data from CoinMarketCap.
THE Bitcoin appreciated 1.7% in the last 24 hours, surpassing the barrier of US$ 30 thousand. The coin, which has been struggling for more than a week to maintain its price, was selling for $30,470 around 9am. According to CoinGecko, the price change over the last 12 hours was around $4,000.
THE Ethereum, the biggest cryptocurrency on the market after Bitcoin, rose 2.7% after a bearish weekend. According to CoinGecko, the current price of ETH is $2,075.
Global cryptocurrency market volume over the past 24 hours jumped 37.99% to $67.51 billion. Total DeFi volume was $8.58 billion, about 12.70% of the total market volume in 24 hours.
Price of top cryptocurrencies
THE Binance coin (BNB) remains the fourth leading crypto asset on the market. In the last 24 hours, the coin is up 4.5% according to CoinGecko. The current price of BNB is $332, about 6.5% higher than last week.
THE XRP increased by about 2% in the last 24 hours. The current price of the sixth largest cryptocurrency on the market is $0.425851.
THE Cardano (ADA) also rose in the last 24 hours. According to CoinGecko, the current price of ADA is $0.425851, up 1.7%.
THE Solana (SOL), the ninth economy among cryptocurrencies, has seen a 5% rise in the last 24 hours. The current price of SOL is US$54.04.
THE Dogecoin (DOGE), the 10th economy in the market, rose about 1.7% in the last 24 hours. Despite past popularity, DOGE’s current price is $0.087693.
Finally, cryptocurrencies Polkadot (DOT) and Avalanche (AVAX), which are on the rise in popularity, but which have lost ground among the top 10 economies, have seen an increase in the last 24 hours. According to CoinGecko, while Polkadot is up 3.3% in 24 hours, Avalanche is up 7.1%.
Binance CEO Calls Terra Luna and UST Engine “Stupid”
In a recent blog post, Changpeng Zhao (CZ), CEO and founder of Binance, expressed his feelings about the Terra blockchain incident. According to CZ, every aspect of Earth rebirth, the LUNA cryptocurrency, or the UST is flawed.
According to him, it was a mistake to think that minting more UST and allowing an infinite number of LUNA tokens to circulate would somehow increase the value of the stablecoin UST.
To top it off CZ said: “Printing money doesn’t create value, it just dilutes existing purses”.
It is public knowledge that Terra CEO Do Kwon has staked additional funds to support UST in the event of extra volatility. Unfortunately, this did little to help the situation due to lack of outgoing liquidity. It is assumed that Terra was not even able to support the stablecoin with its BTC holdings.
The smart move, according to CZ, would have been for Earth to utilize its BTC reserves while the detachment was at just 5%. In reality, Terra’s decision makers waited until the company was close to $80 billion, and only then tried to stage a $3 million turnaround. For Changpeng Zhao, the exasperated investor confidence was a direct result of Terra’s lack of open communication.
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