For The First Time In Four Years, Bitcoin (BTC) Gives A Weekly Close Below The 100-DMA.

2022-05-09 | Selina Mathew

For The First Time In Four Years, Bitcoin (BTC) Gives A Weekly Close Below The 100-DMA.

Bitcoin (BTC) and the larger crypto market had a harsh sell-off over the weekend, with Bitcoin and the broader crypto market losing about 10%. The larger crypto market has lost $250 billion in investor capital in the previous three days.

Bitcoin (BTC), the world's largest cryptocurrency, has dropped below $33,500 as of last week's close. Bitcoin losing its important support of the 100-day moving average (DMA) might lead to additional sell-off, according to Twitter user Blockchain Backer.

Santiment, an on-chain data source, adds that trader mood has once again fallen to negative levels.

LUNA Crash, Altcoin Market Sell-Off 

Ethereum (ETH) continues to track Bitcoin closely, and the ETH price has now gone below $2,500, approaching the 2022 low of $2,200.

Terra has seen a huge price correction in the previous week, with the price of LUNA plummeting 20% in a single day amid a major sell-off for its UST stablecoin. As the price of the UST stablecoin dropped below $1.0, fears of a de-peg surfaced. "The circulating quantity of LUNA climbed by 957,201 in a single day, reaching 91.357 million, setting a new record for the circulating supply of LUNA in a single day since April 8," says crypto expert Colin Wu.

The Luna Foundation is apparently working on safeguards for Bitcoin's UST peg.

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