Following Crypto ATHs, Altcoins Dip: Markets Wrap

The VIX hit a day-high of 19.48, jumping over 11% on Tuesday.

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Joshua Sroge has been appointed as interim CEO of Binance.US according to an update on Sroge’s Linkedin
  • Poly Network offered the DeFi hacker, who stole over $600 million in crypto, the role of chief security officer

Altcoins like Cardano and Solana declined on Tuesday after hitting benchmarks highs. Bitcoin and ethereum followed suit, shedding roughly 3% and 4% as of press time.

Solana’s SOL token fell by roughly 4%, according to CoinGecko. The token was labeled one of the top 10 cryptos by market capitalization on Monday, jumping around 28%. Despite its slight dip, SOL kept its place as tenth by market cap, trading around $63.01 as of press time. Cardano’s ADA token is down 5.28%, trading at $1.99. The third largest crypto by market cap hit $2 last week.

However, crypto’s total market capitalization stayed near $2 trillion, according to CoinGecko. The VIX hit a day-high of 19.48, jumping over 11% on-day.

Finally, crypto markets remain relatively steady with some losses despite the largest DeFi hack in history last week. Today, Poly Network offered the hacker who stole over $600 million from the protocol a job as chief security officer, Blockworks reported. According to a Medium post, Poly Network offered the hacker the role so that they could continue “contributing to security advancement in the blockchain world.” 

DeFi

  • Uniswap is trading at $27.96 with a total value locked of $4,810,065,171 down -4.43% in 24 hours at 4:00 pm ET. 
  • Chainlink is trading at $26.83, declining -5.0% with trading volume at $1,766,165,777 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 32.7% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $44,931.37, down -2.52% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,058.26, shedding -3.78% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.068, down -0.55% at 4:00 pm ET.
  • VIX fell -1.81% to 15.86 at 4:00 pm ET.

Insight

“It’s highly likely we will see new all-time highs this year once BTC can just get past this final resistance level around 48-50K with some decent buy volume,” Brian Evans, partner at ReBlock Digital, said to Blockworks. “BTC and ETH don’t seem to care much about any FUD out there and that makes me extra bullish.”

Cardano and Solana trading over the past day. Source: TradingView

Equities

  • The Dow was down -0.79% to 35,343.
  • S&P 500 fell -0.71% to 4,448.
  • Nasdaq declined -0.93% to 14,816.

Commodities

  • Brent crude fell to $68.98 per barrel, declining -0.76%.
  • Gold was down -0.13% to $1,787.60.

Fixed Income

  • US 10-year treasury yields 1.276% as of 4:00 pm ET.

Currencies

  • The US dollar strengthened 0.55%, according to the Bloomberg Dollar Spot Index.

In other news…

Joshua Sroge has been appointed as Binance.US’s interim CEO according to an update on Sroge’s Linkedin, Blockworks reported.

We’re watching out for…

  • FOMC minutes are released on Wednesday.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (1).jpg

Research

Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains.  Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.

article-image

Ether is a commodity just up until the point it is not, or, ether is not a commodity just up until the point it is — whichever you prefer

article-image

The bull-market conference was filled with good feelings but little clarity on where the crypto industry is headed next

article-image

The Friday ruling was issued as a default judgment because Sameer Ramani “appears to have fled the country”

article-image

Bitcoin’s previous record high against the Euro was set in September 2021

article-image

As bitcoin ETFs grow larger and more liquid, due diligence teams at wirehouses and other investment firms are more likely to clear them, Bitwise researcher says

article-image

Sponsored

The TRON DAO team attended ETH Denver, one of the leading events in the blockchain space