Bitcoin Bounces Back , After Stablecoin Collapse , Sends Crypto Markets Into Tailspin.br On May 13, cryptocurrencies br saw bitcoin fight back br to rise above $30,000. .br However, bitcoin is still facing a record losing streak after the collapse of TerraUSD sent shockwaves through cryptocurrency markets.br Reuters reports that high inflation br and rising interest rates have swept br crypto assets up in a broad selloff.br Bitcoin reached a 16-month low br of around $25,400 on May 12. .br The largest crytocurrency by total br market value managed to bounce back br in the Asian session to $30,500.br Reuters reports that bitcoin is likely to record br a seventh consecutive week of losses br without a big rebound over the weekend.br I don't think the worst is over. br I think there is more downside br in the coming days, Scottie Siu, Investment director of Axion br Global Asset Management, via Reuters.br I think what we need to see br is the open interest collapse br a lot more, so the speculators br are really out of it, and that's br when I think the market will stabilize, Scottie Siu, Investment director of Axion Global br Asset Management, via Reuters.br Since November, selling has just br about halved the global market br value of cryptocurrencies.br According to ratings agency Fitch, br cryptocurrencies and digital finance could face , "significant negative repercussions" , if investors lose confidence in stablecoins.br Many regulated financial entities br have increased their exposure to br cryptocurrencies, defi and other forms br of digital finance in recent months, and br some Fitch-rated issuers could be affected br if crypto market volatility becomes severe, Fitch note, via Reuters.