Bitcoin on Tuesday lost a significant part of the growth in the afternoon. Another stablecoin has lost its peg to the US dollar. Dogecoin founder Billy Markus called 95% of crypto assets “garbage”. Meanwhile, Peter Schiff predicts BTC to fall to $8,000 based on technical factors. Bitcoin added 0.7% on Tuesday, ending the day near $30,100. BTC tried to grow in the first half of the day, but lost a significant part of the gains in the American session, despite the active growth of the Nasdaq. The total capitalization of the crypto market, according to CoinGecko, increased by 1.1% per day, to $1.36 trillion. The Cryptocurrency Fear and Greed Index for Wednesday rose 4 points to 12, but remains in a state of “extreme fear”. The index began to rise from the lowest levels since August 2019. According to CoinShares, institutional investors invested $274 million in crypto funds last week, a record since the beginning of the year. The head of Euro Pacific Capital and well-known cryptocurrency critic Peter Schiff predicted a collapse of Bitcoin to $8,000, drawing attention to the “double top” and “head and shoulders” technical analysis patterns on the BTC chart. Following TerraUSD, another stablecoin, DEI, has lost its peg to the US dollar. The stablecoin market needs strict regulation, according to the US Congressional Research Service (CRS). Most members of the Terra community did not support the idea of ​​a hard fork and airdrop of the new token. eCurrency CEO Jonathan Dharmapalan said that the collapse of the Terra ecosystem and the TerraUSD (UST) stablecoin could push central banks to accelerate the launch of their own digital currencies. The South Korean authorities have launched emergency checks of local crypto exchanges to prevent such situations that have arisen around Terra and UST. Due to the speculative nature of cryptocurrencies, investors need more protection, otherwise they may lose confidence in the markets, said the head of the SEC, Gary Gensler. Dogecoin co-founder Billy Markus called 95% of crypto assets “garbage” and suggested that 70% of investors do not even understand the fundamentals of the crypto market. According to the Cambridge Bitcoin Miner Energy Consumption Index (CBECI), China has become the second largest BTC miner in the world, despite the ban on cryptocurrencies in the country. Source: FXPro

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