Bitcoin’s price rose to $30,000 again after falling to 2022 levels as investors studied the effects of Terra’s UST stablecoin.

BitcoinCoin Metrics reported that last trading was up 7% at $30.579.58, a 7% increase from the previous one. It fell to $25,401.29 on Thursday, making it its lowest point since December 2020. This week is the seventh straight downweek for the benchmark cryptocurrency. Meanwhile, etherLoss of 8%, trading at $2.105.44

The ether and bitcoin are heading for their worst weeks in almost a full year since May 2021.

The market turmoil has made it difficult for crypto markets to perform well this year. Bitcoin prices continue to outpace tech stocks. Futures linked to these three stock averages have been a strong indicator of how closely Bitcoin is correlated to them. were higherFriday morning

The week was particularly difficult for crypto investors, as they watched Terra’s UST stabilitycoin and luna token. fall apartThe result was a temporary drop in bitcoin prices. Terra had been purchasing bitcoin in the millions for its UST reserves, but when that project collapsed, the bitcoins were unleashed onto the markets.

Many investors are experiencing their first crypto crash. Bitcoin is at $30,000, which is a critical psychological level. The largest cryptocurrency market cap, Bitcoin, had drifted between $38,000 to $45,000 until it started falling this month. This is well below its November record of $68,000.

According to technical analysts, bitcoin could lose $30,000 if it can’t keep $30,000 more.