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Ethereum Falls 11% In Bearish Trade

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© Reuters. Ethereum Falls 11% In Bearish Trade

Investing.com – Ethereum was trading at $2,288.20 by 14:29 (18:29 GMT) on the Investing.com Index on Monday, down 10.69% on the day. It was the largest one-day percentage loss since January 21.

The move downwards pushed Ethereum’s market cap down to $276.52B, or 19.32% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $569.58B.

Ethereum had traded in a range of $2,269.42 to $2,529.35 in the previous twenty-four hours.

Over the past seven days, Ethereum has seen a drop in value, as it lost 17.77%. The volume of Ethereum traded in the twenty-four hours to time of writing was $29.49B or 23.01% of the total volume of all cryptocurrencies. It has traded in a range of $2,269.4163 to $2,963.5447 in the past 7 days.

At its current price, Ethereum is still down 52.96% from its all-time high of $4,864.06 set on November 10, 2021.

Elsewhere in cryptocurrency trading

Bitcoin was last at $31,031.3 on the Investing.com Index, down 8.89% on the day.

Tether was trading at $1.0001 on the Investing.com Index, a loss of 0.01%.

Bitcoin’s market cap was last at $595.29B or 41.59% of the total cryptocurrency market cap, while Tether’s market cap totaled $83.21B or 5.81% of the total cryptocurrency market value.

Cryptocurrency

BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

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BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining.

One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.

BIFI/USDT 4-hour chart. Source: TradingView

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Cryptocurrency

MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

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MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security

Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization.

In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin.

MKR/USDT 1-day chart. Source: TradingView
Top-5 protocols by total value locked. Source: Defi Llama

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Cryptocurrency

Do Kwon proposes Terra hard fork to save ecosystem

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Do Kwon proposes Terra hard fork to save ecosystem

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.

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