Bitcoin news – live: Crypto price meltdown slows as market counts losses from Terra collapse

The overall crypto market has surged by nearly 10 per cent in the last day following its dramatic crash on Thursday.

Bitcoin has surged in price by about 9 per cent in the last 24 hours, inching close to $30,500.

The leading cryptocurrency is still down by over 15 per cent compared to its value a week earlier.

Ethereum has also grown by about 9 per cent in the last day.

Cardano, dogecoin, polkadot, and avalanche have each risen by over 20 per cent in the last 24 hours as Thursdays crypto market meltdown appears to be slowing down.

The crypto market is currently valued at $ 1.3 tn, which is still close to half of its value last November.

With Bitcoin falling in value by about 40 per cent since September last year, El Salvador may have lost about $35 million from its crypto investments.

The country spent about $105 million buying bitcoins in September 2021 after becoming the worlds first government to make it legal tender, Bloomberg reported.

The countrys reported 2,301 bitcoins now have an estimated value of close to $70 million.

Cardano has surged by over 30 per cent in the last 24 hours as Thursdays crypto market meltdown appears to be slowing down.

In the last 12 hours, cardano (ada) has grown in value by over 25 per cent and is currently valued at $ 0.5764.

However, it is still down by over 25 per cent compared to its value a week earlier.

Polkadot has also grown by over 30 per cent in the last day.

Other top cryptocurrencies including avalanche and solana have also surged by nearly 20 per cent in the last 24 hours, gaining back some of the value lost during Thursdays slide.

UAE airliner Emirates has announced it will embrace blockchain, metaverse, and cryptocurrency as part of its new strategy to connect with customers.

Emirates Chief Operating Officer Adel Ahmed Al-Redha reportedly said the company is planning to employ bitcoin as a payment service and is adding NFT collectibles on the companys websites, according to Arab News.

The Dubai-headquartered airline said it will also hire new staff for metaverse and NFTs. The company said it also seeks to use blockchain technology in tracing records of aircraft.

NFTs and metaverse are two different applications and approaches. With the metaverse, you will be able to transform your whole processes whether it is in operation, training, sales on the website, or complete experience into a metaverse type application, but more importantly making it interactive, Mr Al-Rehda said.

In the midst of Terra Lunas collapse since when it has fallen even more its creator Do Kwon posted a thread in which he urged investors to stay strong and keep belief that the cryptocurrency would return. After laying out the technical reasons he believed the cryptocurrency would bounce back, he ended with a firm commitment:

Terras return to form will be a sight to behold, he wrote. Were here to stay. And were gonna keep making noise.

He has not posted since, and the price of the cryptocurrency is looking worse than ever.

After users reported difficulty withdrawing funds amid fears of a widespread crypto market crash, Coinbase tweeted it is implementing a fix.

We are aware that some customers are having issues trading and accessing accounts on Coinbase and Coinbase Pro. Your funds are safe, and we are actively working on the issue. Well provide an update here soon, the company tweeted.

Several users said they were unable to withdraw funds with some reporting on Reddit they were unable to access the app or the website.

The outage hit Coinbase at a particularly uneasy time when users attempted to urgently withdraw.

The company has since said the underlying issue that caused difficulties is resolved and full service has been restored.

US treasury secretary Janet Yellen called for additional federal regulations amid crypto market crash following the dramatic fall in the value of Terra (LUNA) cryptocurrency.

Weve had a real-life demonstration of the risks, she said of stable coins, during a House committee hearing on Thursday.

Stable coins are cryptocurrencies pegged to a specific value, such as the US dollar, or gold, and are expected theoretically to be stable similar to cash.

With the collapse of Terra, or UST, which collapsed, losing almost all of its value on Thursday, Ms Yellen said the governments role should be to ensure responsible innovation innovation that works for all Americans, protects our national security interests and our planet, and contributes to our economic competitiveness and growth.

Terra validators have temporarily halted their network to plan the next steps after UST and LUNA prices crashed.

The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come, Terras official Twitter account tweeted.

LUNA was valued at around $0.008 when the network was halted, and UST was priced at $0.19.

The crypto market might be making an attempt to recover this morning. But that doesnt apply to Terra Luna, the so-called stablecoin that was at the centre of the meltdown.

Thats supposed to be pegged to the dollar, so that it is always worth $1. This morning, it is worth $0.00005583.

And whats more, its not really moving from that price in part because the instability means that the technology underpinning it has been broken, and exchanges have stopped allowing it to be traded.

So-called stablecoins have led the cryptocurrency market to melt down in a moment of significant instability, writes Andrew Griffin.

The cryptocurrencies are intended to be a particularly reliable way of investing in digital money, and are marketed as being a way around the significant volatility in other, better known names such as bitcoin.

For some, that volatility is a fun or valuable thing about cryptocurrencies, as people look to make money by trading them. But it is also means that they are a dangerous store of value, and are impractical to use in actual transactions.