One man’s loss: See which altcoins “compensated” staggering BTC losses

Image supply: Dune Analytics

Yesterday, it was a massacre on the cryptocurrency market. A series of dynamic occasions in the end depleted $410 billion in market worth and induced lengthy place liquidations within the quantity of $3 billion. Bitcoin (BTC/USD) reversed earlier positive aspects, plummeting from $52,956 to $42,900 (-19%). El Salvador, which as a result of the primary nation on this planet to undertake BTC as authorized tender, was not disturbed. They had been fast to reap the benefits of the worth drop, shopping for one other 150 BTC.

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The flagship crypto has consolidated within the $45k – $47k vary for now, however few can say what’s going to occur subsequent with certainty. We share a market evaluation by Alexandra Clark, Sales Trader on the UK primarily based digital asset dealer GlobalBlock.

Majority of crypto market declined with Bitcoin

Most cryptocurrencies declined with Bitcoin, exhibiting market dependency on it and the rudimentary nature of the asset class on the whole. However, tokens like Algorand (ALGO/USD), Near (NEAR/USD), and Solana (SOL/USD) had been principally unaffected, seeing double digit returns as a substitute. Algorand has elevated by 15% over the previous 24 hours. Compared to earlier days, stablecoins have seen much more quantity. Of a complete 24-hour quantity of $282 billion, Tether (USDT/USD) accounted for greater than half.

Coinbase vs. SEC: An uphill battle

In a battle of the titans, Coinbase is dealing with regulatory scrutiny from the watchdog over Coinbase Lend, a product the crypto change deliberate to launch later this yr. Lend generates curiosity on holdings in USDC (USDC/USD) and SEC claims it’s a safety. Coinbase CEO Brian Armstrong begs to vary, venting frustration with the SEC’s choice to sue his firm with out offering any rationalization.

After reaching a peak on the finish of August, Opensea day by day volumes are dropping. This may signify lack of curiosity or (the higher possibility) a stabilisation of the NFT market.

Will Panama be the following nation to undertake BTC as authorized tender?

Panama is introducing a invoice to make use of BTC and different digital belongings for tax, civil, and business functions. The nation believes crypto has the potential to reinforce authorities transparency, entice investments, and create jobs.

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About the Author: Daniel