The crypto market correction continues its downward spiral. Bitcoin briefly sank to a low of $43,796. It's down 7% in the last 24 hours, capping a dark week that shaved about 25% off its price.
Why the crash? Macroeconomic events could be to blame. On Thursday, 10-year US Treasury bond yields hit their highest level in over a year before settling back down, but not before prompting retail investors to retreat from higher-risk assets like cryptocurrencies. Crypto wasn’t the only asset to suffer, with tech stocks also taking a big hit.
In second place, Ethereum also continues to drop. Yesterday, the coin was valued at $1,500. Today it dropped over 6% to its new price at $1,382, making for a seven-day decline of 30%. To get some idea of how steep its loss is, consider that Ethereum was trading at an all-time high of $2,000 just last weekend.
Cardano’s ADA token is the only cryptocurrency to weather the storm this weekend. ADA hit its all-time high of $1.48 yesterday. But even still, it’s in the red today. It sank 11% overnight to a price of $1.29. That puts it 12% higher than it was last weekend, but it looks like excitement overnext month's hard fork is fizzling out.
Polkadot’s DOT and Uniswap’s UNI lost the most value overnight. DOT dropped 7% to a price of $32. Like Bitcoin, it has suffered a 20% drop in price since the last week. UNI is down to $21.95, a loss of almost 9% in the last day and 30% cheaper than it was last Sunday.
XRP sits at a price of $0.42, though it’s only down 2% in the last 24 hours, making for relatively mild overnight losses for XRP holders.
Chainlink, Litecoin, Uniswap and Bitcoin Cash all sunk a staggering thirty percent since last Sunday. Chainlink’s LINK currently sits at $24.52, 3% down since yesterday. Litecoin and Bitcoin Cash both fell 5% last night, with LTC reaching a price of $164 and BCH settling on $464.
There has also been a dearth of news about institutional investment in crypto this week. Tesla set the bar extremely high at the beginning of the month when an SEC filing disclosed the corporation had invested $1.5 billion of its funds into Bitcoin. Similarly, the world's largest asset management company BlackRock, which controls almost $9 trillion in assets under management, announced through its CIO that it is now“dabbling” in Bitcoin.
The big news for conventional investors this month was that Canada had launched two Exchange Traded Funds for investors keen to trade Bitcoin using a traditional auditable financial instrument. The first ETF, which was launched by Purpose Investments, raised almost half a million dollars in assets under management in its first two days. In the last three days, it has only raised $60 million.
Online arts and crafts gift store Etsy spoke out for the bearish on Friday when it announced through its CEO Josh Silverman thatit will not accept Bitcoin as payment or invest funds into it this year.
So it’s all red today. But we’re all in it for the technology, right?
All red today. But we are all in it for the technology, right?
Stablecoin issuer Tether is ending its USDT support for five blockchains effective on September 1, the company announced on Friday, ending redemptions and freezing the remaining assets on those blockchains.
Last June, the firm ended its minting function on Algorand and EOS (now called Vaulta), meaning it would no longer issue new stablecoins on those chains. In 2023, it announced the same for Bitcoin Cash, Kusama, and Omni Layer Protocol.
Now, Tether has put a hard end date on its stablecoin s...
Solana token launchpad Pump.fun is prepping for its initial coin offering, aka ICO, on Saturday, July 12. With U.S. and UK citizens banned from participating, traders are eagerly awaiting its full launch to purchase PUMP—but will it pump or dump once it starts trading?
The token is set to go on sale via six centralized exchanges (Bybit, Kraken, Bitget, MEXC, KuCoin, and Gate.io) as well as the Pump.fun website Saturday, with 150 billion tokens up for grabs at $0.004 each. Within 48 to 72 hours a...
U.S. spot Bitcoin exchange-traded funds pulled in over $1.17 billion on Thursday, notching their second-highest day of inflows ever as institutional capital flooded into digital assets.
The massive inflows to Bitcoin ETFs were led by BlackRock's IBIT with $448.5 million, followed by Fidelity's FBTC at $324.3 million and ARK's ARKB with $268.7 million, according to Farside Investors data.
Even with $40.2 million in outflows from Grayscale’s GBTC, total net flows turned sharply positive.
The infl...