Cryptos Extend Losses: Markets Wrap
Bitcoin has shed 11% in the past seven days, its largest single-week drop since May
- MicroStrategy has purchased over 5,000 more bitcoins for roughly $243 million
- The leading crypto by market value has shed 11% in the past seven days, its largest single-week drop since May
Major cryptos extend losses on Monday.
Following a string of news which includes Coinbase’s announcement of their private $1.5 billion debt offering, a new partnership between SkyBridge Capital and NAX and more, bitcoin fell 3% on-day. The leading crypto by market value has shed 11% in the past seven days, its largest single-week drop since May.
Ethereum fell 5% as well, according to Messari.
False rumors of Walmart offering customers the option to pay in litecoin emerged on Monday. Following the fake press announcement, the crypto spiked 30% to $234.85 in the morning. After the retail giant quickly dispelled the rumors, litecoin tumbled back to $180.63, as of press time.
Solana’s native token (SOL) took a dive on Monday, falling almost 8% to $163.88. In recent weeks, the altcoin has hit all-time highs of $191.68 with the surge in non-fungible token (NFT) sales. SOL is often used to mint various NFTs such as the Degenerate Ape Academy collection.
- Bitcoin is trading around $44,766.44, declining -2.77% in 24 hours at 4:00 pm ET.
- Ether is trading around $3,247.9, down -4.75% in 24 hours at 4:00 pm ET.
- ETH:BTC is at 0.072, declining -2.21% at 4:00 pm ET.
- Terra (LUNA) is trading at $36.12, declining -8.6% and trading volume at $1,574,384,522 in 24 hours.
- Chainlink (LINK) is trading at $27.24, declining -6.3% with trading volume at $2,171,559,047 in 24 hours at 4:00 pm ET.
- DeFi:ETH is 32% at 4:00 pm ET.
Clearblock Insights co-founder Cody Ryan weighed in on bitcoin price action for the coming weeks.
“On-chain data continues to show whales buying heavily into the weakness, with addresses holding [over] 1000 BTC trending towards their highest aggregate holdings since May— a historically bullish indicator,” Ryan told Blockworks. “We believe patience will be rewarded here with expectations of a strong Q4 on the horizon, even as continued regulatory uncertainty looms over the markets.”
- Brent crude was up to $73.53 per barrel, advancing 0.84%.
- Gold advanced 0.15 to $1,794.7.
- The Dow advanced 0.67% to 34,839.
- S&P 500 is up 0.17% to 4,466.
- Nasdaq shed -0.15% to 15,095.
- The US dollar strengthened 0.09%, according to the Bloomberg Dollar Spot Index.
- US 10-year treasury yields 1.328% as of 4:00 pm ET.
In other news…
MicroStrategy has purchased over 5,000 more bitcoins for roughly $243 million, according to a disclosure filed with the Security Exchange Commission on Monday. The Virginia-based software company now owns 114,042 bitcoins, totaling almost $3.2 billion, CEO Michael Saylor shared in a tweet.
We are looking out for
- US consumer-price index data will be released on Tuesday.
- Quadruple witching day for US markets will be on Friday.
That’s it for today’s markets wrap. I’ll see you back here tomorrow.
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