Bitcoin dipped below $30,000 earlier in the day.
Bitcoin, which started a sharp decline in the past days, fell to $ 29,825 in the first hours of the morning today. BTC, which experienced a rapid recovery from here, managed to rise above $ 30,000 again.
The sharp fall in the market was accompanied by concerns about the deterioration of the UST’s stable. There have been allegations that the Terra foundation has sold the Bitcoin reserve created to protect the UST’s constant. The foundation said in a statement that Bitcoins are lent to market makers to provide the stable of the UST.
Genesis Global Trading head of derivatives Josh Lim noted that the decline was slow (compared to leveraged liquidations) as the decline was driven by sales by long-term holders.
Bitcoin is trading at $ 31,900 at the time of publication.
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