Crypto shrinks by 6 %because Solana's downtime and bony examinations weigh heavily
Crypto shrinks by 6 %because Solana's downtime and bony examinations weigh heavily
- All top cryptocurrencies have been in the minus since the start of the month
- Solana and Binance Coin are the worst rapid top tokens
Crypto lost a further 6 % of its overall market value last week, with the Ether (Eth)-Rival Solana (Sol) cutting the worst among the top tokens.
Sol has fallen by 13 % in the last seven days, from $ 45.75 to $ 39.71 at 2:30 p.m. The losses were triggered by a network failure on June 1, which was triggered by NFT minting bots, which could not be validated for 4½ hours.
binances native token BNB and polar cadots governance asset dot both lost 11 %; The second and third-party hits of the top 10 cryptocurrencies after market capitalization (without stable coins and wrapped assets).
In particular, BNB fell by up to 11 %on Monday when it became known that the SEC examines the initial by Binance for 2017 Coin offer (ICO) for the token. According to reports, the supervisory authority checks whether the ICO was a non -registered securities sale.
on the same day, reuters reported between 2017 and 2021 illegal transactions worth the value of $ 2.35 billion, ranging from revenues from illegal drug sales to investment fraud and hacks.
In fact, none of the top 10 crypto systems recorded profits last week. ETH and another competitor, Avalanche (Avax), both lost 9 %, while XRP and Bitcoin lost.
The tron's circulation offer has shrunk by 9 % since the introduction of the stablecoin
TRX had proven to be resistant since the collapse of Terra and its algorithmic stable coin VAT at the beginning of May and rose by 30 % in the course of the month-while every other top cryptocurrency was permanently traded in the minus.
days before Terra's implosion launched tron founder Justin Sun's own stablecoin of the blockchain, Decentralized USD (USDD), completely with a MINT/Burn mechanism that is reminiscent of VAT.
like Terra, TRX owners can shape USDD worth 1 USD by burning a TRX. The mechanism, combined with the existing burn functionality for certain TRX transactions, has led to the fact that the token's circulating range has decreased by 9 %, while the market value of USDD has increased to $ 667 million.
In return, dealers bought Trx to exchange them for USDD in order to benefit from double-digit USDD returns on the credit protocol operated by Tron.But the interest bully influence of the USDD on the price of TRX has slowed down last week. Unlike in May, Trx, like all other top tokens, was under water-after he had dropped by 3 %. Cardano has developed a little better and only fell by 1 %.
The overall market value of the cryptocurrency is now $ 1.22 trillion in TradingView. This is less than $ 1.29 trillion at the beginning of the month and almost half of the total capitalization since the beginning of the year when all digital assets were worth $ 2.19 trillion.
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The article Crypto Shrinks 6% as Solana Downtime, Binance Investigations Weigh Heavily is not a financial advice.