The collapse of TerraUSD and the most volatile week forBitcoin trading in at least two years caused Cryptocurrencies to trend lower Saturday.
Just after noon in New York, the price of the world's largestcryptocurrencies had fallen 3% to below $29,000. The ether was below the $2,000 threshold.
The wipeout of TerraUSD and its sister token Luna knocked more than $270 billion off the total value of the sector. The highest net change in the two years has been seen in the weekly change in the volatility of the digital currency.
Solana and Polkadot were down more than 5% on Saturday.
Multiple headwinds have given market players almost nowhere to hide in any asset class this week, said Brian Cubellis and David Duong in a report Friday.
Despite larger volatility than during the sell-offs in January or December, volumes are still somewhat lower in comparison, which suggests lighter positioning as well as potentially decreased interest from retail due to a difficult market environment.
The next line of support would be a major resistance if prices continue to consolidate below $30,000.
With help from Akshay Chinchalkar and Suvashree Ghosh.