BITCOIN ‘BUFFER’ SCRUTINIZED – CRYPTO WOES CONTINUE
Bitcoin, Ether and other major crypto’s currently remain in the headlines after a tumultuous week of whipsaw price action.

As an array of both fundamental and geopolitical factors continue to weigh on risk-sentiment, digital assets (which performed exceptionally well since the onset of the Covid-19 pandemic) have recently struggled to ascertain the optimistic rationale that previously allowed the market capitalization of the industry to temporarily rise beyond the $3 Trillion mark before retreating back below the$2 Trillion mark.


Although the dismal release of Coinbase earnings and the collapse of the stable coin Terra (USDT) have recently contributed to a decline in demand for digital assets, Bitcoin prices have managed to temporarily rebound off of the key psychological level of $30,000 which currently remains as both critical support and resistance for the imminent move.
As the uncertain geopolitical backdrop continues to weigh on digital assets, BTC/USD is likely to continue to assist in the catalyzation of price action, at least for now.

For the week ahead, the release of major economic data and major news events may continue to contribute to the movement in the prices of digital assets with the potential to either increase or decrease the price of digital assets.

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Flagship cryptocurrency asset, Bitcoin, is bullish at the start of the London session today, trading above the $30,000 zone, as the lost bulls of the market have finally been found. Bitcoin is up over 10% as of the time of this writing after falling to trade as low as $26,350.49, as a result of the LUNA capitulation.

The cryptocurrency market capitalization is up 11% as of the time of this writing, to currently stand at $1.3 trillion. Yesterday, the market capitalization nearly fell below $1 trillion, to trade as low as $1.15 trillion, a price point not traded since June 2021.

With Bitcoin rallying, so it the altcoin as they are all posting gains of 10% and above with some tokens like BNB, ADA, DOT posting over 30% gains in the last 24 hours. The current rally is attributable to increased demand from bullish as investors are mopping up the lower price ranges seen in the market.

Purpose of bitcoin?
Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.
Readmore:https://www.newscientist.com/definition/bitcoin/#ixzz7T6jhuMLm

Total liquidation hits $1.2 billion as Bitcoin trades below $27,000
Bitcoin has fallen below a critical $30,000 support zone, and with it, over 428,000 traders have lost a total of $1.22 billion in the last 24 hours as margin calls and loss of funds have become the order of the day. Many have compared the decline in the market to what was seen in the 2008 market crash while others have likened this selloff to the famous episode, ‘the red wedding’ of the popular TV series, Game of Thrones.
The entire cryptocurrency market capitalization has fallen approximately 20% as it currently stands at $1.16 trillion as of the time of this writing, with strong indications that the market will soon lose its trillion-dollar status.
As with bitcoin, so is every other altcoin posting declines of 40% and more in the last seven days as the sell-off deepens. A major focus has been the LUNA token, the native token of the Terra blockchain, trading as low as $0.28, after its native programmable stablecoin lost its peg, which currently trades $0.65 as of the time of this writing.

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