Markets
Altcoins Get Crushed as $70,000,000,000 Leaves Crypto Markets to Start the Week
Altcoins took another leg up earlier in the week as most digital assets continue a multi-month downtrend.
At the time of writing, the total market capitalization of all crypto assets (TOTAL) is valued at $2.32 trillion, down from $2.39 trillion previously, a cut of $70 billion.
According to the crypto data aggregator Coinglassthere were over $242 million in liquidated positions, largely by traders attempting to take long positions on altcoins.
Current data from Coinglass shows that traders are bullish on Dogecoin (DOGE) have been the most affected in the last 12 hours, along with other altcoins in the memecoin sector such as Shiba Inu (SHIB) not far behind.
Source: Coinglass
The decentralized finance (DeFi) sector is also facing a bloodbath, with numerous coins now at or near all-time lows.
DYDXthe native token of the Ethereum-based decentralized exchange (DEX), hit $1.40 on Monday and is now down 95% from its all-time high and just 28% from all-time lows.
Curved Finance (CRV), one of the largest DEXs in the sector, hit an all-time low of $0.23 late last week after its founder addressed approximately $100 million in settlements.
According to the digital asset manager CoinSharesInstitutional investors withdrew more than $600 million in capital from Exchange Traded Products (ETPs) last week, likely as the latest Federal Open Market Committee (FOMC) meeting was more challenging falcon expected.
“This occurred under similar circumstances: a period of significant inflows followed by a more aggressive-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets. These outflows and the recent price sell-off saw total assets under management (AuM) fall from over $100 billion to $94 billion over the course of the week.”
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Featured image: Shutterstock/Natalia Siiatovskaia/A. Solano