Crypto market takes breather from selloff, Bitcoin nears $31k; Is the worst over?

livemint.com:

Investors calmed in cryptocurrencies on Friday as the market recovered some previous losses with the dominator Bitcoin almost nearing the $31,000 mark. Crypto markets have taken massive beatings over the past couple of days as broader global markets nosedive with the dollar strengthening amidst monetary policy tightening and unbending inflationary pressures. Crash in stable coins continues to threaten crypto sentiments and extreme volatility in the market remains.

As per CoinMarketCap, the global crypto market cap stood at $1.32 trillion rising by 8.25% over the last day. However, the total crypto market volume was around $139.52 billion decreasing by 39.10% over the last 24 hours.

Further, the total volume in DeFi is currently around $11.09 billion, 7.95% of the total crypto market 24-hour volume. Also, the volumes of all stable coins are at $ 126.65 billion - accounting for 90.78% of the total crypto market 24-hour volume.

Bitcoin was trading currently at $30,666.35 up by 3.77%. The crypto has touched the day's high of $30,924.80. It also dipped to an intraday low of $28,031.78. Bitcoin’s dominance is currently 44.21%, a decrease of 0.59% over the day.

Counterpart Ethereum is traded at above 5% at present.

Earlier this week, Bitcoin dived to as much as below the $25,000-mark.

However, in the last seven days, Bitcoin has dipped by more than 15% and Ethereum has slumped by nearly 22%, as per the CoinMarketCap live tracking data.

However, the so-called stablecoin, TerraUSD continued to crash. The crypto plunged by more than 60% today and dived to below 15 cents.

Due to a tight squeeze on stablecoins, crypto markets faced panic selling pressure in recent sessions. The global market value of cryptocurrencies has almost