Bitcoin struggles to climb above $30K

Price of Bitcoin was struggling to climb above $30,000 on Saturday as demand in the cryptocurrency market continues to be weak.

Bitcoin, the world's biggest crypto by market cap, was trading at $29,060 at 1210 GMT for a daily loss of 4.7%.

The world's largest altcoin Ethereum was also struggling to surpass $2,000, as it was trading at $1,981 for a 5.7% daily decline at the time.

Once-popular cryptocurrency Luna saw its price sinking to almost $0 on Friday, tanking from its top 10 position in just a matter of days. It was up 1500% to $0.00045 at the time, but its price was still far away from $99.24 a month ago.

Luna's sibling TerraUSD, a stable coin referred to as UST that was designed to be pegged one-to-one with the US dollar, was at $0.2029 for a 17% increase.

With the price of UST in free fall in recent days, more and more Luna were burned and that had a negative impact on investors' confidence, which led them to dump the coin that eventually brought its price down to junk level.

Total value of the crypto market stood at $1.24 trillion at the time for a daily decline of 5.5%.