5 hours agoBitcoin falls, Ether sinks, and the crypto market shows weakness
Periskopi(9 months ago)
(9 months ago)The crypto market has shown visible weaknesses over the past 24 hours. Bitcoin dropped 2.6 percent going to $112,700, while the ether (ETH) lost over 6 percent, according to Con Desk data. The broad market initiative, measured by the Coin Desk Index 20, dropped nearly 8 percent, while the Coin Desk Index [...]
The crypto market has shown visible weaknesses over the past 24 hours. Bitcoin dropped 2.6 percent going to $112,700, while the ether (ETH) lost over 6 percent, according to Con Desk data. The broad market initiative, measured by the Coin Desk Index 20, dropped nearly 8 percent, while the Coin Desk 80 Index lost 7.5 percent, stressing widespread market weaknesses.
Shares of US crypto companies also declined in pre-market trade: MicroStrategy (MSTR) and Connbase Global (COIN) each lost 2.8 percent, while future contracts following S&P 500 dropped just 0.2 percent.
Some analysts see this decline as a healthy correction, which helps to clear excessive market leverage and lay the stage for more sustainable growth. The decline has caused liquidation of around $1.5 billion of leverated crypto positions.
Markus Thielen, founder of 10x Research, stressed that the total “influxes are not enough to push bitcoin significantly up”. By the beginning of the year, crypto markets have attracted an estimated $140.5 billion: 63.1 billion from stablecoin, 52.4 billion per bitumen via ETF, future contracts and MicroStrategy, and 24.9 billion per ether.
The latest ETF show a renewed preference for bitcoin on the ether. This month alone, U.S. eTFs have raised over $3.48 billion, while ETF and then only $406.87 million.
The Matrixport points out that demand from the treasures of digital companies, especially those that focus on Ethereum, could be on decline. The company added that more careful risk management seems necessary.
Meanwhile, Arthur Hayes' family fund, Maelstrom, warned of a future increase in the land supply HYPE of the Hyperliquid Stock Exchange. About 237.8 million HYEP land will be unblocked within 24 months, with an average monthly increase of approximately $500 million. Hayes sold 96,600 HYPE, worth $5.1m, bringing a drop of land prices to 46 dollars and extending a three-day series of losses.
On traditional markets, gold continued to rise due to fiscal concerns, while yen traded almost unchanged on the dollar following comments by Yoshima Hayashi, one of Japan's prime minister's candidates who linked the weak lion to inflationary pressures. /Periscopi/
