The price of bitcoin bounced back above $30,000 after dropping to 2022 lows as investors study the fallout of Terra’s UST stablecoin.
This week has been especially dire for cryptocurrency investors as they watched Terra's UST stablecoin and luna token, which at least temporarily hit bitcoin prices. Terra has been buying bitcoin by the billions for its UST reserves but, when the project unraveled, that bitcoin was unleashed on the market.
Bitcoin is testing a key psychological level at $30,000 as many investors experience their first big crypto crash. Until it began to tumble this month, the largest cryptocurrency by market cap had been drifting between about $38,000 and $45,000 this year, well off its November all-time high above $68,000.Also on CNBC
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