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The cryptos making headlines today

Bitcoin tumbled below US$30,000 overnight for the first time since July 2021 amid ongoing investor uncertainty about tiger financial conditions and the impacts such conditions will have on the crypto market. Bitcoin has recovered to trade above US$30,000 again this morning as investors begin to buy in at the perceived ‘dip’.

Terra’s LUNA token continues to collapse this morning, down more than 63% in the last 24-hours after the Terra network’s TerraUSD stablecoin lost its peg. As TerraUSD continues struggling to regain its peg, currently trading at US$0.83, investors continue selling off LUNA amid concerns over the mechanisms behind algorithmic stablecoins.

And TRX, the native coin of smart contract blockchain Tron, has defied the crypto market crash, trading 1.25% higher over the last 24-hours. There’s a few reasons including TRX has bucked the sell-off trend including its plans to introduce a new algorithmic stablecoin and reserve similar to the Terra network.

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