Inflows from all bitcoin exchanges hit a one-year high.
Bitcoin fell below $30,000 and Terra stablecoin lost its peg and fell to 66 cents.
El Salvador bought the Bitcoin drop and added 500 coins to its balance sheet.
Bitcoin (BTC) is one of the largest cryptocurrencies by market capitalization, and despite the drop, it still is.
Price movements that relate to this specific cryptocurrency have an effect on the frontier crypto market and the overall space.
Bitcoin hits 1-year high inflows, Terra stablecoin loses peg, and El Salvador buys 500 coins.
As Bitcoin continued to fall in value, CryptoQuant data indicated that inflows from all Bitcoin (BTC) crypto exchanges hit a one-year high.
Specifically, 40,620 BTC was transferred to the exchanges on Monday, which was the largest one-day inflow after December 2019.
On May 9, 2022, BTC fell as low as $29.996, according to data from CoinGecko.
Additionally, Terra’s stablecoin UST, which aims to maintain a value of $1, fell to 66 cents and only recovered $0.90 as of May 10, 2022.
El Salvador, however, bought the dip and added another $15.5 million worth of Bitcoin (BTC) to its balance sheet.
President Nayib Bukele revealed that the country had bought the drop and added another 500 bitcoins to government coffers.
Should you buy Bitcoin (BTC)?
On May 10, 2022, Bitcoin (BTC) had a value of $31,804.73.
In order for us to have a better idea of what this value point indicates for the overall value and future of the BTC cryptocurrency, we will review its high value point and the performance it has exhibited throughout. of the previous month.
The high point in the value of the cryptocurrency was on November 10, 2021, when BTC reached a value of $69,044.77. This means that at its ATH, its value was higher by $37,240.04, or 117%.
Its highest value point was on April 2, when the token was worth $47,003.43, while its lowest point was on April 26, 2022, when the token’s value decreased to $38,084.54.
Here, we can see that its value has decreased by $8,918.89 or 19%.
However, when we look at the price difference between April 26 and May 10, we can see an additional drop of $6,279.81.
With all of this in mind, if Bitcoin (BTC) breaches the $32,000 price barrier, it can surge to $35,000 by the end of May 2022 and be on the way to recovery.