Markets
Altcoins get crushed as $70,000,000,000 leaves crypto markets to start the week
Altcoins made another move lower at the start of the week, while most digital assets continue a multi-month downtrend.
At the time of writing, the total market value of all crypto assets (TOTAL) was valued at $2.32 trillion, down from $2.39 trillion earlier in the day – a cut of $ 70 billion.
According to cryptographic data aggregator Currency Currencythere was more than $242 million in positions liquidated, largely by traders trying to buy altcoins.
Current data from Coinglass shows that traders are bullish on Dogecoin (DOGE) were the hardest hit in the last 12 hours, with other altcoins in the memecoin sector like Shiba Inu (SHIB) not far behind.
Source: Coinglass
The decentralized finance (DeFi) sector also faces a bloodbath, with multiple currencies now at or near historic lows.
DYDXthe native token of the Ethereum-based decentralized exchange (DEX), hit $1.40 on Monday morning and is now 95% below its all-time high and just a 28% move from all-time lows.
Finance Curve (CRV), one of the largest DEXes in the industry, hit an all-time low of $0.23 late last week after its founder faced around US$100 million in settlements.
According to Digital Asset Manager CoinSharesinstitutional investors withdrew more than $600 million in capital from exchange-traded products (ETPs) last week, likely due to the fact that the latest Federal Open Market Committee (FOMC) meeting was more aggressive than expected.
“This occurred under similar circumstances: a period of significant inflows followed by a more aggressive than expected FOMC meeting, prompting investors to reduce their exposure to fixed supply assets. These outflows and the recent price selloff caused total assets under management (AuM) to fall from more than $100 billion to $94 billion during the week.”
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Featured image: Shutterstock/Natalia Siiatovskaia/A. Solano