Crypto market shrinks as Bitcoin trades at 34K

After a bad week for market across the world as well as for crypto currencies, weekend was also gloomy as Bitcoin breaches measure support at 34k. Nearly all the top coin price falls down between 4%-10%. As per coinmarketcap data The global crypto market cap also falls to $1.57T.

Liquidity at major central exchanges are also not so high to do a bounce back. According to a popular crypto trader, bitcoin can make low in the region of 29k-32k.

Lows at 34.4k almost taken, so eyes now on a flush into 29-32k along with filling that finex whale's bids. Dude doesn't miss. Not at my comp so no charts, this post is just so you guys don't blow up my phone asking what now lol. Still not expecting lows at 28k to be taken. $BTC https://t.co/K1uhD9n52X
— Credible Crypto (05.27) (@CredibleCrypto) May 8, 2022

Earlier today LUNA has plunged singnificantly and at one point was trading below $60 after witnessing a FUD attack on it stablecoin TerraUSD (UST). It dropped 20% in a single day as a whale mass-dumped $285 million of UST on Curve and Binance. As a result of this selloff, UST was unpegged to United States dollar and at one point traded at $0.98.

Do Kwon, the terra founder brushes aside a "deliberate and coordinated" attack on TerraUSD and LUNA. He twitted a poem.

Those of you waiting for the earth to become unstable-

I'm afraid you will be waiting until the age of men expires

Cities have returned to the dust

Oceans have gone bone dry

The map of continents have been drawn anew

And dinosaurs once again roam the earth

Gluck
— Do Kwon 🌕 (@stablekwon) May 8, 2022

The major indicators of bitcoin are still pointing towards a bear cycle. On weekly timeframes, BTC/USD has completed its sixth consecutive red weekly candle. This has happened only once back in 2014. The fear & greed index is currently at 18.