Crypto Markets Plunge: Markets Wrap
Major laggards in the asset class include XRP and Solana, which fell 15% and 12%, respectively.
Source: Shutterstock
key takeaways
- Total crypto market cap fell 9% on-day
- Coinbase cancelled plans to launch their lending program following threats of legal action from the SEC
Crypto markets experienced cross-the-board losses on Monday with the total market capitalization declining 9% on-day. Bitcoin and ethereum shed 9% and 11%, according to Messari.
Major laggards in the asset class include XRP and Solana, who fell 15% and 12%, respectively.
$AVAX, the native token behind Avalanche, has had a volatile past week, following the company’s funding news on Thursday. $AVAX declined 18.71% to $58.63, as of press time. However, the altcoin has still made gains of 36.77% in the past month and is 4.79% away from its ATH.
However, the total crypto market cap remains above $2 trillion.
DeFi
- Terra ($LUNA) is trading at $28.05, declining -19.6% and trading volume at $1,612,396,117 in 24 hours.
- Uniswap ($UNI) is trading at $21.32, shedding -11.3% with a total value locked at $4,285,830,233 in 24 hours at 4:00 pm ET.
- DeFi:ETH is 31.5% at 4:00 pm ET.
Crypto
- Bitcoin is trading around $43,645.09, down -7.86% in 24 hours at 4:00 pm ET.
- Ether is trading around $3,033.23, falling -9.3% in 24 hours at 4:00 pm ET.
- ETH:BTC is at 0.069, declining -1.44% at 4:00 pm ET.
Insight
“After a large move up over the summer months, Bitcoin has started to trade within a range between $43K and $49k to $50K. Until one of these levels breaks up or down, market participants should expect continued range-bound trading between these two support and resistance zones. The main level to watch on the downside would be the $42,600 level which is the volume-weighted average price from the highs in April,” said Jake Wujastyk, chief market analyst at TrendSpider. “Investors should know that the broad markets have started showing some signs of a potential medium-term top with weakness since the start of September.”
Equities
- The Dow was down -1.78% to 33,970.
- S&P 500 fell -1.7% to 4,357.
- Nasdaq declined -2.19% to 14,713.
Commodities
- Brent crude was down to $74.08 per barrel, declining -1.26%.
- Gold advanced 0.76% to $1,764.7.
Currencies
- The US dollar strengthened 0.05%, according to the Bloomberg Dollar Spot Index.
Fixed Income
- US 10-year treasury yields 1.312% as of 4:00 pm ET.
In other news…
Coinbase cancelled plans to launch their lending program on Friday following threats of legal action from the SEC Blockworks reported.
We are looking out for
- Federal Reserve’s rate decision will be on Wednesday
- Federal Reserve Chairman Jerome Powell will discuss pandemic recovery, on Friday
That’s it for today’s markets wrap. I’ll see you back here tomorrow.
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