Markets
Crypto Markets Give Up Previous Week’s Gains
Solana broke its three-day winning streak, dropping nearly 6% that day.
Cryptocurrency markets fell on Wednesday, with most tokens giving up most of their gains from last week’s rally.
Bitcoin (BTC), the world’s largest cryptocurrency, is currently trading at around $62,500, down almost 2% in the last 24 hours. Ether (ETH) fell 1.4%, while Dogecoin (DOGE) fell 4%.
BTC Price
JA Maartunn, contributor to on-chain analytics platform CryptoQuant, warned that for Bitcoin, any daily close below $62,100 “or prolonged inactivity counts as a stop loss.”
Meanwhile, Michael van de Poppe, founder and CEO of trading firm MNTrading, express frustration with weak price action since Bitcoin’s mid-April halving. “Bitcoin is slowly moving towards the lower limits of the range for a test of support,” he said. “After that, it seems likely that we will continue to rise. The boredom started since the Bitcoin halving took place.”
Solana’s three-day winning streak appears to be over, with SOL falling more than 5%.
Data from DefiLlama shows that Solana’s TVL on Wednesday was 26.92 million SOL, marking the lowest point of the month, compared to 28.22 million SOL the previous day. The drop also came after its four-hour Relative Strength Index (RSI) surpassed 70, entering overbought territory.
Data from CoinGlass shows that in the last 24 hours, more than 63,000 leveraged traders were liquidated for a total of $140 million.
FTX Payments
FTX, the failed cryptocurrency exchange, has introduced a new reorganization flat. If approved by the Delaware bankruptcy court, 98% of your creditors could receive 118% of their claims in cash within 60 days.
Furthermore, non-governmental creditors would receive 100% of their claims back, along with interest of up to 9%.
Ethena’s governance token ENA surged on Tuesday following the announcement Bybit’s integration of the protocol’s synthetic US dollar and expanded trading activities. ENA hit a two-week high of $0.96 before pulling back.
Stock markets are consolidating after the longest winning streak for the average blue-chip company since December.
The Dow Jones Industrial Average fell less than 0.1%, while the S&P 500 and Nasdaq 100 fell about 0.2%.