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?
Bitcoin miners continue to feel the crunch, with firms in the space selling more coins than usual to make ends meet.
Data firm CryptoQuant said in a Tuesday report that miners last week stepped up their selling as the price of the biggest cryptocurrency dropped below $80,000.
The firm said that on April 7, miners sold a total of 15,000 BTC—the third-largest daily outflow this year. That's at least $1.12 billion worth, based on the day's low price of less than $75,000.
Increased market volatil...
A rallying yen and the highest Japanese bond yields in 30 years are sending warning signals across global markets, and Bitcoin may not be spared.
This week, Japan’s 30-year bond yield jumped to 2.345%, its highest level since 1994, while the yen rallied to around 153 against the U.S. dollar.
Goldman Sachs analysts led by former Bank of Japan (BOJ) chief economist Akira Otani believe that the bank may be nearing a policy pivot amid the yen’s rally.
If the yen strengthens further toward 130/USD, t...
Decentralized exchange (DEX) KiloEX has suspended operations following a $7.5 million attack, which cybersecurity researchers attributed to a “price oracle exploit.”
KiloEX launched in 2023, built on BNB Chain, opBNB, and Manta Network, and has received seed funding from Binance Labs, which invests in the Binance Coin (BNB) ecosystem.
In a tweet, the DEX reassured users that the exploit has now been contained. KiloEX said it is “working with security partners to trace the flow of funds” and that...