Over the past 7 days, BTC has suffered serious losses, and the most devastating day was May 9, when the main cryptocurrency lost about 12% and reached the level of $ 30 thousand. This mark was the medium-term goal of the downward movement, which began to develop at the very end of March. The next goal is below: to bring the price to $ 20 thousand per coin in the current conditions is quite realistic. They feel even worse losing from 20% to 30% of capitalization. The native Terra LUNA token distinguished itself, having lost almost 90% of its value over the past 7 days amid problems with the “native” UST stablecoin, which collapsed to $ 0.67. Recall that stablecoins should be pegged to the real dollar in a 1:1 ratio, so the current situation makes investors worried.

All this is happening against the background of the sale of US stock assets.

There are many reasons for this: from the already boring expectations of tightening monetary policy, the outbreak of coronavirus in China and concerns about the European economy, and relatively new ones, for example, an increase in the yield of 10-year treasuries to 3%. This indicator has almost doubled since March and has significantly changed the balance of forces in the market. Now the yield spread of treasuries and almost all American sectors is in the negative zone. The exception is the energy sector, whose representatives are in high demand when there is a need to hedge inflation and geopolitical risks. If you look closely at the dynamics of various sectors, it turns out that commodity companies feel much more confident than everyone else, and even better than technological ones.

In other words, the situation is now developing as much as possible not in favor of expensive technology players, which means it is not worth expecting any positive on the cryptocurrency, which strongly correlates with this segment.