Why did the crypto market crash?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$109,054.00
3.18%$2,580.74
7.13%$2.25
3.11%$661.06
2.16%$153.04
3.61%$0.999886
0.00%$0.285142
1.95%$0.169495
6.89%$2,579.52
7.14%$0.588322
8.09%$109,066.00
3.31%$40.29
8.51%$3,114.32
7.44%$509.70
1.47%$2.91
8.22%$13.58
5.29%$9.00
0.74%$18.60
8.15%$0.239295
5.60%$0.999811
0.00%$2.88
3.24%$0.00001192
5.84%$2,580.66
7.18%$2,763.46
7.18%$87.44
4.29%$0.156081
7.93%$43.67
-1.16%$1.00
0.10%$322.17
3.00%$3.56
8.23%$4.60
3.23%$1.00
0.04%$109,019.00
3.15%$7.38
12.30%$0.00001025
10.01%$276.52
6.19%$0.496696
2.38%$1.18
0.07%$4.76
6.14%$335.88
4.69%$49.93
2.30%$1.00
0.00%$2.25
9.49%$185.80
3.64%$5.04
6.75%$17.04
6.46%$0.082453
3.40%$0.791299
5.98%$0.999768
-0.04%$1.058
0.01%$0.07858
6.86%$0.587669
3.61%$24.24
3.00%$15.89
2.21%$4.19
6.02%$4.41
-0.38%$0.02200002
8.22%$0.72482
9.16%$8.90
3.55%$0.356389
8.94%$0.082391
7.33%$0.189923
7.01%$108,874.00
3.14%$3.29
6.83%$0.279977
10.47%$0.961183
12.16%$2.39
8.14%$109.66
6.12%$0.183307
6.02%$0.284426
4.56%$2,581.62
7.27%$4.52
2.15%$0.998492
0.08%$0.999924
0.01%$11.20
1.44%$162.24
3.61%$0.463974
8.81%$0.00001666
21.23%$1.00
0.06%$1.22
1.22%$2,941.85
7.19%$2,704.43
7.10%$1.25
14.52%$0.01719028
2.67%$1.16
13.72%$11.50
12.19%$1.60
17.03%$1.63
13.92%$0.695769
9.39%$1.00
0.02%$0.327776
9.98%$0.999851
0.05%$0.569902
6.64%$0.060736
3.95%$2,760.20
7.27%$0.166999
7.62%$0.01538783
7.10%$2,710.00
7.08%$3,350.77
0.30%$0.928009
16.84%$1.11
0.02%$108,827.00
3.13%$0.999462
-0.02%$108,944.00
3.10%$661.04
2.17%$0.087591
9.36%$0.462568
7.83%$2,719.34
7.25%$2.98
3.49%$109,301.00
2.95%$3,344.79
0.37%$0.498875
4.10%$171.61
3.87%$0.00007897
11.06%$2.37
5.45%$199.76
3.67%$2.18
7.30%$2,789.25
7.23%$0.531846
5.88%$0.725133
10.70%$111.65
0.01%$0.769513
9.48%$2,580.58
7.08%$0.788931
5.46%$0.998842
0.16%$0.01486152
10.23%$19.39
8.18%$0.165026
9.60%$40.28
8.12%$1.095
1.36%$38.84
4.76%$0.01285959
1.88%$0.252968
9.02%$0.00000062
3.39%$0.104101
5.93%$0.224499
2.50%$0.5484
7.85%$0.997838
0.02%$3.55
7.35%$2.17
6.39%$0.419957
9.34%$0.55003
5.98%$2,580.79
7.10%$108,932.00
3.19%$2,760.39
7.15%$0.00836419
-1.13%$108,505.00
3.19%$0.343112
8.57%$2,579.45
7.00%$2,716.82
8.22%$0.999993
-0.01%$0.52376
6.27%$0.270021
11.64%$109,083.00
3.24%$0.634718
7.97%$2,580.74
7.17%$0.01456701
2.67%$0.999103
0.04%$24.74
-4.00%$1.39
6.11%$40.28
8.24%$0.999996
-0.00%$0.04547111
16.33%$0.999894
-0.00%$0.170936
3.64%$0.409931
2.66%$1.00
0.06%$0.00000044
0.72%$0.12106
9.55%$0.060861
-0.83%$1.39
8.97%$0.169338
6.90%$2.31
5.90%$0.00421836
5.53%$7.41
-0.52%$0.200213
3.81%$0.550279
9.15%$0.00000105
14.72%$43.80
5.50%$0.0070781
7.36%$1.091
-0.00%$5.74
8.99%$0.992913
-0.79%$14.10
7.89%$2,742.70
6.98%$0.077323
5.25%$0.394642
11.47%$2,578.25
7.20%$1.61
0.79%$2.34
9.11%$0.385602
-1.20%$1.022
12.31%$0.319434
6.25%$0.00001899
4.70%$1.20
11.59%$1.002
0.33%$0.00400414
5.03%$0.145772
9.94%$2,843.73
7.13%$0.03681413
8.78%$0.04978047
12.29%$0.498272
4.27%$5.39
8.06%$0.999859
-0.01%$107,932.00
3.20%$0.03499944
3.04%$0.074011
6.63%$2,822.71
7.14%$0.01762465
2.00%$109,006.00
3.17%$20.34
0.89%$0.332079
4.09%$2,580.29
7.06%$0.99995
-0.01%$1.11
10.08%$0.324353
16.27%$0.00005767
5.62%$0.99906
0.04%$1.00
0.05%$2,581.42
7.14%$0.00591084
11.16%$0.467465
8.49%$166.99
3.92%$10.22
2.00%$0.661598
6.37%$0.711913
5.40%$112.37
6.22%$18.60
8.24%$0.00000145
-0.99%$108,966.00
3.36%$1.068
6.91%$0.00341411
4.32%$0.00329085
-0.39%$0.0283445
7.74%$1.001
0.02%$0.189937
7.30%$1.22
0.08%$0.603707
6.53%$105,704.00
3.01%$1.026
0.65%$2,189.26
3.17%$0.106355
19.46%$15.76
6.65%$6.31
4.70%$1.64
0.91%$0.653176
22.26%$0.00379732
12.49%$3,121.20
7.21%Reading
Like a hiker who lost her footing on a treacherous path, Bitcoin tumbled down the mountain on Saturday morning, falling to as low as $30,194, according to metrics site CoinGecko. Bitcoin’s current price is $30,884, marking an 8.8% drop in the past 24 hours.
Ethereum, the second-largest cryptocurrency, also had a calamitous start to the weekend. It fell by 8% to lows of $1,718 before zipping back up to its current price, $1,772. Overall, this marks a 7.9% drop in the past 24 hours and a collapse of 21% in the past week.
Others followed in the wake of the top two coins, which make up the lion’s share of the market. Binance Coin fell by 6.8%, Cardano by 7.5%, Dogecoin by 7.8% and Polkadot by 8.7%.
This resulted in a 10% drop in the global market capitalization of all cryptocurrencies, which now rests crestfallen at $1.29 trillion.
Weekends tend to be more volatile since the institutional investors who save the market from collapse and temper it against outrageous breakouts are away from their desks.
Some analysts think that the upset could stem from one of the largest expiries of Bitcoin and Ethereum options contracts. The $3.8 billion in options contracts, signed many moons ago, grant buyers the choice to redeem all of that crypto, which they can dump on the market should they so wish.
“I think it's plausible [it is causing volatility] since it's the largest ever options expiry [for Ethereum],” Ki Young Ju, CEO of CryptoQuant, which provides data for investors, told Decrypt yesterday.
So, where to next? Singaporean crypto investment firm QCP Capital predicted today that Bitcoin would soon reverse to $39,400, and that ETH would return to highs of $2,550. Deribit’s Bitcoin futures market is less optimistic, and traders there concur that Bitcoin should return to just $33,220 by this time next year.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
The first exchange-traded fund offering investors exposure to Solana in the U.S. generated $12 million worth of investments in its Wall Street debut on Wednesday, a REX Shares and Osprey Funds spokesperson told Decrypt The Rex-Osprey Solana + Staking ETF, which also offers investors yield by staking at least half of the fund’s assets—another first for U.S. markets—registered $33.6 million in trading volume, per Nasdaq data. “[The ETF’s] day 1 trading volume was 82% less than what one would’ve ex...
Shares of publicly traded Solana treasury company DeFi Development Corporation finished the trading day down following word that the company upsized its latest convertible notes offering to $112 million. The firm first announced a new convertible notes raise of $100 million on Tuesday before boosting it to $112 million Wednesday, with an option for initial note purchasers to add a further $25 million in the next seven days. The bulk of the net proceeds from this raise will be used for a prepai...
Bitcoin could be headed for its "best ever" second half of a year thanks to strong institutional interest and treasury buying, wrote Standard Chartered Geoff Kendrick in a note Wednesday just hours before the asset topped $109,000 for the first time in three weeks. The analyst for the U.K.-based bank expects the current quarter and fourth quarter acquisitions each separately to surpass Q2's robust 245,000 BTC and wrote that the asset is headed for a record above its previous high of $111,814, se...