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Cryptomarket has recovered from last week lows


May, 16 2022
watermark Economic news

At the beginning of the new trading week, the cryptocurrency market continues to remain under pressure, although some of the currencies have managed to recover. 


Last week, bitcoin fell to 2020 lows at $26284. On Sunday, the cryptocurrency managed to exceed the level of $31 thousand again. The current BTC/USD quote is $29,756.20. Bitcoin has lost more than half of its value after rising to a record $69 thousand six months ago.


Analysts note that bitcoin and other cryptocurrencies show a correlation with other risky assets, in particular, with shares of technology companies, which have suffered significantly this year. The S&P 500 stock index has fallen 16% since the beginning of the year, and the Nasdaq Composite has lost 25%.


The sale of crypto assets intensified after the news about the collapse of two of the 10 largest cryptocurrencies – the TerraUSD stablecoin and the associated Luna token. This drop led to a decrease in market capitalization of about $45 billion.


Other cryptocurrencies are also showing similar dynamics to bitcoin today, trading without much fluctuations at levels above recent lows, but still maintaining a strong «bearish» trend. 


So, Ethereum was trading around $2,000, having lost one-third of its market capitalization over the past two weeks. Solana and Cardano fell by 1%, while Avalanche declined by 6%.


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