June 17, 2022: -On Thursday, Bitcoin increased following a similar increase in U.S. stocks. Although, investors are still reeling from a dramatic increase over the past few days that saw the world’s most significant cryptocurrency going down below $20,000.
At 3:40 a.m. ET, bitcoin traded at nearly $21,667.90, up almost 3% in the past day, according to data from CoinDesk.
Although, bitcoin is sitting at levels not seen since December 2020. The digital currency was down about 27% in the previous week and has dropped nearly 70% from being the highest in November.
Other cryptocurrencies, which include ether, were also higher in the last 24 hours.
On Wednesday, Bitcoin correlated with stock indexes, particularly the Nasdaq, which increased after the U.S. Federal Reserve increased interest rates by 0.75 percentage points. But there are still several issues weighing on the crypto market.
The sentiment is still stunned after the collapse of the so-called algorithmic stable coin TerraUSD and its sister token luna.
A stable coin is a cryptocurrency that should be pegged to a real-world asset. Many look to be pegged to the U.S. dollar. Some, like tether and USD Coins, are backed by tangible assets such as fiat currencies and government bonds. But numerous algorithmic stablecoins, such as TerraUSD, don’t have reserve support. Instead, the $1 peg is managed by an algorithm.
The existing bear market, usually dubbed a new “crypto winter,” is also testing the strength of other projects.
Another algorithmic stable coin, USDD, also lost its dollar peg earlier this week. Tron DAO Reserve, responsible for maintaining USDD’s $1 peg, holds other cryptocurrencies in their reserve, including the stable coins tether and USDC.
Meanwhile, all eyes are on Celsius, the crypto lending platform that might be facing bankruptcy, sparking suspicions of contagion into the broader market. Celsius lingered withdrawals for clients.
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