Bitcoin continues its downward trajectory, trading at around US$34,159 on May 9 — down 9.7% over the past 7-day period. This is more than a 50% drop from its all-time high of US$69,044 recorded on Nov 10, 2021, according to CoinGecko data.
Other large altcoins also saw price drops, with Terra’s reserve currency Luna falling over 18.7% over the past week.
Amid the market volatility, smart contract platform Tron’s native token Tronix (TRX) surged more than 38% over the past week, following the launch of its stablecoin USDD. On May 8, Tron DAO Reserve which ensures USDD’s price stability and decentralisation announced that it had acquired 504.6 million TRX worth US$38 million to back the algorithmic stablecoin.