Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, saw a 5% jump in price in the last 24 hours as the crypto market struggles to recover from the spectacular crash following the collapse of the TerraUSD stablecoin, with Bitcoin briefly reclaiming $32,000 before falling again.
Currently, Bitcoin is trading at $31,790 per coin, up by $1,090 in the last 24 hours. Today marks a three-week high for Bitcoin; the last time Bitcoin was over $32,000 was May 9, according to data from CoinMarketCap.
The price of Ethereum has seen its price fall below $2,000 several times since May 21. Currently, Ethereum is trading at $1,942, up by $20.50 according to CoinMarketCap.
The price of Ethereum continues to hover just over $1,940 as it readies for “The Merge,” a long-planned blockchain upgrade set for August that will transition Ethereum from a power-hungry proof-of-work system to a more environmentally friendly proof-of-stake mechanism.
Across the board, the cryptocurrency market has been in a slump since March 8, when TerraUSD lost its peg to the U.S. dollar. Despite seeing green today, Bitcoin is down 53% from its all-time high of $68,789 on November 10, and Ethereum is down 60% from its all-time high of $4,891 on November 16.
More Videos
0 seconds of 32 minutes, 28 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
Crypto bloodbath! How low will the major coins go, and what about Terra and stablecoins? Decrypt’s Dan Roberts, Jeff Benson, Stacy Elliott and Jason Nelson will discuss the news and parse through what’s happened and what might happen next.
Bitcoin miners continue to feel the crunch, with firms in the space selling more coins than usual to make ends meet.
Data firm CryptoQuant said in a Tuesday report that miners last week stepped up their selling as the price of the biggest cryptocurrency dropped below $80,000.
The firm said that on April 7, miners sold a total of 15,000 BTC—the third-largest daily outflow this year. That's at least $1.12 billion worth, based on the day's low price of less than $75,000.
Increased market volatil...
A rallying yen and the highest Japanese bond yields in 30 years are sending warning signals across global markets, and Bitcoin may not be spared.
This week, Japan’s 30-year bond yield jumped to 2.345%, its highest level since 1994, while the yen rallied to around 153 against the U.S. dollar.
Goldman Sachs analysts led by former Bank of Japan (BOJ) chief economist Akira Otani believe that the bank may be nearing a policy pivot amid the yen’s rally.
If the yen strengthens further toward 130/USD, t...
Decentralized exchange (DEX) KiloEX has suspended operations following a $7.5 million attack, which cybersecurity researchers attributed to a “price oracle exploit.”
KiloEX launched in 2023, built on BNB Chain, opBNB, and Manta Network, and has received seed funding from Binance Labs, which invests in the Binance Coin (BNB) ecosystem.
In a tweet, the DEX reassured users that the exploit has now been contained. KiloEX said it is “working with security partners to trace the flow of funds” and that...
