Bitcoin, Ether Tank As TradFi Contagion Spreads
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) suffered their worst losses in nearly two months as financial markets jitters alongside crumbling foreign currencies, Chinese economic worries and bond yields ripping to multi-year highs triggered a massive sell-off.
Bitcoin (BTC) and Ethereum (ETH) prices recorded near double-digit losses, falling to lowest since early summer.
BTC, the largest cryptocurrency by market capitalisation, slumped towards $25,000 mark, lowest since June. It was trading 6.63% lower at $26,668.20. ETH, the second largest crypto in market value, was recently changing hands at $1,687.11, a drop of 6.01%.
Liquidation pressure has dealt a severe blow to VDAs.
Some $821 million of long positions – traders who bet on prices to rise – were wiped out during the rush to the exits, CoinGlass shows.
The global crypto market cap, plummeted 5.91% to $1.07 tn, over the last 24-hours. On the other hand, the total crypto market volume jumped 72.67% to $63.4 bn. The total volume in DeFi is currently $2.5 bn and all stablecoins $59,56 bn, representing 5.53% and 93.93% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance decreased 0.36% to 48.68%.
IC15 index, the barometer of top fifteen tokens, slumped 6.98% to 34,783.83.
Meanwhile, a Coinbase funded group of investors has lost lawsuit against the U.S. Treasury Department. The argument against Treasury Department was it overstepped its authority in sanctioning Tornado Cash, a mixing service designed to make crypto transactions anonymous.
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