{"id":445702,"date":"2022-05-12T09:35:01","date_gmt":"2022-05-12T06:35:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\/"},"modified":"2022-05-12T09:35:01","modified_gmt":"2022-05-12T06:35:01","slug":"bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\/","title":{"rendered":"# Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3deb81ad90b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3deb81ad90b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\/#%E2%80%9D_Bitcoin_falls_below_27K_to_December_2020_lows_as_Tether_stablecoin_peg_slips_under_99_cents_%E2%80%9C\" >&#8221; Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\/#Tether_wobbles_as_UST_stays_under_060\" >Tether wobbles as UST stays under $0.60<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\/#122_billion_liquidated_in_24_hours\" >$1.22 billion liquidated in 24 hours<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_falls_below_27K_to_December_2020_lows_as_Tether_stablecoin_peg_slips_under_99_cents_%E2%80%9C\"><\/span>&#8221; Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) fell out of its long-term trading range on May 12 as ongoing sell pressure reduced markets to 2020 levels.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/51ce3158-9811-4ac8-a336-a9ec5606df9f.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Tether_wobbles_as_UST_stays_under_060\"><\/span>Tether wobbles as UST stays under $0.60<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0followed BTC\/USD as it exited the range in which it had traded since the start of 2021.<\/p>\n<p>At the time of writing, the pair circled $26,700 on Bitstamp, marking its lowest since Dec 28, 2020.<\/p>\n<p>The weakness came as fallout from the Terra stablecoin meltdown continued to ricochet around crypto and beyond, with rumors claiming that even professional funds were experiencing solvency issues due to losses on LUNA and UST.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;People are still processing this but this is the Lehman moment for crypto&#8221;<\/p>\n<p>Hearing about a lot of funds possibly insolvent from Luna meltdown<\/p>\n<p>\u2014 Frank Chaparro (@fintechfrank) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fintechfrank\/status\/1524551754892853248?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>LUNA, Tether&#8217;s in-house token, had all but capitulated in value at the time of writing, trading at around $0.22. At the start of May, LUNA\/USD traded at $80.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/32f30858-b2f4-4ed0-9df8-21b72d2ee33a.png\"><figcaption style=\"text-align: center;\"><em>LUNA\/USD 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>UST, currently the focus of Terra executives committed to restoring its U.S. dollar peg, was at around $0.60, still far from $1 but more than double the week&#8217;s record lows.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/40e98456-2a80-464f-ab70-68582ad4fa39.png\"><figcaption style=\"text-align: center;\"><em>UST\/USD 1-hour candle chart (Coinbase). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Nevertheless, the strain was increasingly visible across crypto, as largest stablecoin Tether (USDT) itself began to deliver worrying signs that it was copying UST&#8217;s downfall.<\/p>\n<p>At the time of writing, USDT\/USD was under $0.99 on major exchanges.<\/p>\n<p>Commenting on system stability, Tether chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> officer Paolo Ardoino said that withdrawals of USDT were proceeding as normal.<\/p>\n<p>&#8220;&gt;300M redeemed in last 24h without a sweat drop,&#8221; part of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1524625162859130882\">tweet<\/a> read.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/fb0bdb05-753c-469b-bd90-7bfe69f2a4aa.png\"><figcaption style=\"text-align: center;\"><em>USDT\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"122_billion_liquidated_in_24_hours\"><\/span>$1.22 billion liquidated in 24 hours<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the topic of losing the macro range low created in January 2021, analysts were still willing to see current levels as a potential opportunity.<\/p>\n<p><strong><em>Related:\u00a0Ethereum whales get busy as transactions hit highest point since January<\/em><\/strong><\/p>\n<p>&#8220;Whatever you lose in a macro downtrend, you&#8217;ll gain multiples back in a macro uptrend. All you have to do is pay attention to the markets when they are ultra bearish,&#8221; popular trader Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1524392344488976384\">argued<\/a>.<\/p>\n<p>A previous tweet on May 11 highlighted the macro range.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> loses this green area as support&#8230;<\/p>\n<p>That will be the confirmation that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> will enter a multi-month downtrend<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ReIa6D4yw3\">pic.twitter.com\/ReIa6D4yw3<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1524377450813263875?ref_src=twsrc%5Etfw\">May 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The extent of the losses was reflected in market liquidations. Data from on-chain monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a> showed that for Bitcoin and altcoins combined, these topped $1.2 billion in the 24 hours to the time of writing.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-falls-below-27k-to-december-2020-lows-as-tether-stablecoin-peg-slips-under-99-cents\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin falls below $27K to December 2020 lows as Tether stablecoin peg slips under 99 cents &#8220; Bitcoin (BTC) fell out of its long-term trading range on May 12 as ongoing sell pressure reduced markets to 2020 levels. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Tether wobbles as UST stays under $0.60 Data from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMWNhMTUzMTgtNmE1MC00NWY2LThhYTktZjk1MmY4MjJlODU5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,75493,122378,73785,36041],"class_list":["post-445702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-stablecoin","tag-terra","tag-markets","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445702"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445703"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}