Bitcoin falls 2% to hover at $23,000 – Stablecoin boom grows against bitcoin trend

The bitcoin price fell 2.02% to $23,366.62 on August 18.

Bitcoin moved into negative territory this morning after the Dow Jones Industrial Average fell 171 points on Wednesday (Aug. 17) as investors were disappointed by earnings and lower-than-expected U.S. retail sales

  • The Dow Jones Industrial Average fell 171.69 points, or 0.5%, to close at 33,980.32.
  • The S&P 500 fell 0.72% to close at 4,274.04 points.
  • The Nasdaq fell 1.25% to close at 12,938.12 points.

Bitcoin was the coin with the highest market capitalization and was the first coin to define the term “digital asset”.

Currently, there are more than ten thousand other cryptocurrencies that we call “altcoin”.

One of them are stablecoins of various types, which have a fixed value based on the price of gold or dollars, for example, or even put assets as collateral.

This year, the ongoing bear market in the cryptocurrency market has caused the Bitcoin price to drop 70% from its November 2021 peak. This prompted some investors to invest in stablecoins due to their low volatility. They also received returns as a result of a stronger dollar.

After the Terra Luna or Terra Classic (LUNC) event, the market fell sharply, but the altcoin market rose. The cryptocurrency market has grown in recent months with new altcoin projects emerging after the boom in the crypto industry

One of the altcoins has regained the confidence of investors: “Tether”, a stablecoin that is supposed to be in line with the US dollar.

It has the third largest market cap of all cryptocurrencies and accounts for 6.11% of the total market cap or about $66 billion. This is a 5.3% increase from May 2022. At the time of Project Terra’s collapse, its market cap increased by 8.12% in June.

The Spot Market is Open

Thursday, August 18, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.30 BTC23,397.61-245.69-1.04
11.30 ETH1,848.37-5.61-0.30
11.30 LTC60.86-0.22-0.36
11.30 BNB306.57-1.14-1.14
11.30 XRP0.37-0.00-0.03
11.30 ADA0.54-0.000.39
11.30 DOT8.42-0.12-1.37
11.30 DOGE0.08-0.00-3.69
11.30 UNI8.05-0.07-0.89
11.30 LINK8.10-0.16-1.89

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