On May 9, Bitcoin (BTC) established a new record low value for 2022 as crypto markets continued to drop down ahead of the opening of Wall Street.
The decisively negative result for BTC/USD, which touched $32,637 on Bitstamp, was corroborated by data from Cointelegraph Markets Pro and TradingView.
With the latest drop in a spate of losses in May, the pair was trading under $33,000 at the time of writing, with weekly losses now at 15%.
"Bitcoin sweeping the lows here, that's definitely next liquidity," Cointelegraph writer Michal van de Poppe wrote on Twitter earlier in the day:
"As a daily block, we could go around $30-31Kish, but I'd be looking at longs in these areas."
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Even though $30,000 is a popular floor level among pundits, others fear Bitcoin might fall below $25,000 or even lower.
Dylan LeClair, who highlighted Bitcoin's realized price — the sum at which each coin last changed — as a possible objective this week, is one of them.
On May 9, he launched a Twitter discussion by stating: "A bitcoin fall down to it's realized price (average on-chain cost basis) is perfectly plausible and has been consistent with past market bottoms in bear market cycles."
"At the present, the realized price is $24.3k."
According to LeClair, without concurrent weakness in traditional markets, such a capitulation would have been "unlikely,". This year, on the other hand, has offered just that drive.
Bitcoin found some support at the 2022 lows, avoiding a retest of levels not seen since last year.
In private comments, experts at major exchange Bitfinex told Cointelegraph that "we've witnessed fresh selling in Bitcoin and the wider digital token market as the threat of higher interest rates and a worsening economic climate continues to weigh on risk assets."
"Equities are substantially down in Europe, following the Nasdaq's worst one-day drop since June 2020. Exiting holdings by investors might be adding to the extended sell-off we've seen over the last few days."
Decentralized finance (defi) protocols have lost a lot of value in the previous month, with the TVL in defi down 17.77% since April 8, 2022. Curve Finance, the largest defi protocol in TVL size, has dropped 16.55% in the last month, while Lido has lost 13.28%. This month, Anchor's TVL has dropped 10.15%, Makerdao's TVL has down 20.48%, and Aave's TVL has dropped 21.12%.
The Aave version three (v3) protocol and Tron's Sunswap protocol showed significant 30-day TVL improvements. The TVL in defi has lost 6.25% in value in the previous 24 hours, and Curve Finance is the largest protocol by TVL today. Curve's $17.24 billion TVL now leads the aggregate by 9.46% as of Sunday afternoon (ET).
Ethereum still has a 55.59% of the defi TVL, with $101.32 billion of the $182.27 billion TVL held on the ETH chain. Terra is the second largest in terms of defi TVL, accounting for $23.44 billion, or 12.86% of the total. Finally, Binance Smart Chain (BSC) is the third-largest blockchain in defi, accounting for 6.37% of the overall market capitalization of $11.6 billion.
Today's total value of the top smart contract platforms with tokens by market capitalization is $546 billion. The top smart contract tokens, on the other hand, have dropped 6.1% of their value in the last 24 hours. Tron (TRX) has, nonetheless, managed to gain 5.3% in the previous day.
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In terms of smart contract platform tokens, counterparty (XCP) was one of the largest losses today, losing 19.4%. Terra (LUNA) was another huge percentage loser today, losing double digits in the previous 24 hours and losing 11.1% in USD value. Cross-chain bridge TVLs are also down 21.1 percent, according to 30-day figures. Currently, there is a $16.78 billion TVL spread over many blockchain bridges.
