Crypto prices collapse on a broad front, pulled by Bitcoin and Ether

Crypto prices collapse on a broad front, pulled by Bitcoin and Ether

cryptoma markets are deep in the red numbers. Last week, digital assets have lost more than 10 % of their collective capitalization-which corresponds to more than $ 111 million in terms of lost nominal value.

Bellwether Digital Asset Bitcoin (BTC) fell 8 % this morning, as did Ether number two. BTC fell under $ 21,500 - more than 10 % under his prize recorded last Friday.

BTC had just broken a two -month high at the weekend when it rose over $ 24,500

ether (Eth) also lost 10 % last week and fell from almost $ 1,900 to $ 1,700. In the meantime, the US dollar index DXY has risen sharply and the dollar is ready for parity with the euro within six weeks.

The Open Interest for Bitcoin Futures fell by about 8 % of around $ 14.1 billion to just over $ 13 billion last day after it remained stable in the past week Coinglass . The open interest for ether futures has fallen by about 9 % of $ 9.15 billion to $ 8.3 billion in the past seven days.

Open's interest typically falls together with strong drawdowns, since the positions of over -indebted speculators are liquidated in a massive manner.

The Spot Prize from ETH has been positive for August after it has risen by 1 % by 12:00 p.m., while BTC has fallen 8 %. Both assets have lost more than half of their value over the course of the year.

Only three digital assets of the top 50 according to the market value (without stable coins and packaged assets) have recorded a price increase in the last seven days: meme-driven Shiba Inu (Shib) increased almost 5 %, while native crypto-exchange-token Unus Sud Leo (Leo) and OKB rose by 10 % or 1 %.

As far as the size is concerned, the 50 most important digital assets have lost an average of 15 % in the past week.

Börsen-token seem to be strong, but Bitcoin and ether still drive the markets

As Blockworks has already reported, Leo von Bitfinex regularly exceeded the market this year. In fact, Leo rose by 37 % in the course of 2022 - a year in which the cryptoma markets have dropped by 53 %.

The token was supported by an attractive buy-back-and-burn mechanism that could be accelerated if the US authorities return billions of dollars from Bitcoin, which were stolen by the platform in 2016.

OKB from OKCOIN has a similar Burn scheme that, in addition to the trading volume, also reduces its offer.

but vivek raman Head of proof-of-stake Bitooda, told to be not too much in Börsentok interpreted.

"The youngest market rally was led by ETH and the stock market brands lagged behind during this rally," said Raman. "Therefore, in the event of a downward movement, it makes sense that ETH and BTC lead down and lag behind the stock exchange token again."

"My assumption would be that stockskicks will be performed below average in a continued drawdown."

While Raman the recent meme noticed Coin Rallyes marked a certain upward mood, he described the movements of Shib, OKB and Leo as "only noise". The real crypto foundal games are still driven by Bitcoin and Ether.

and so 15 of the 50 most important digital assets lost more than 20 %-led by graph (-25.5 %), Thorchain (-24.5 %), APECOIN (-24 %), near (-23.5 %) and flow (-23.5 %).

retailers flocked to stable coins to protect themselves from volatility. Last week, the four best stable coins (Tether, USD Coinbinance USD and DAI) experienced an increase in their common market dominance by 11 percentage points from around 11.5 % to 12.75 %.

The dominance of Bitcoin and Ether, on the other hand, has remained relatively flat.

The NFT market is faced with billing and liquidations

As far as NFTs are concerned, the minimum prices have dropped by 11 % for both cryptopunks and Bored Ape Yacht Club token, now at 65.95 ETH ($ 111,600) or 69.69 ETH ($ 117,900).

The prospects for NFT (non-fungable tokens) are even worse if they zoom in: Delphi Digital reported Yesterday the NFT collections listed in the credit protocol Benddao broke up by 18 % to 39 % in the last 30 days-which the borrower will be the risk that their NFTS will be liquidated if they do not repay their debts immediately.

Raman said: "Ape and Flow are remarkable underperformers, since the NFT market has entered a rather malignant re-evaluation. There were concerns about liquidations about bored apes, and APECOIN is a proxy for NFT activities."

He also noticed that the weakness of flow with a wider NFT softness makes sense, since his main focus is on supporting the NFT ecosystem. Raman sees the recent retreat as an opportunity for healthy consolidation before the merger, which "offers an idiosyncratic alpha-upside for the ETH and should be a short-term catalyst for space".

Jeff Dormann Chief Investment Officer at the digital asset management company Arca, argued that the greatest knowledge of last week could be Practically all tokens in a risk -free week for all risk systems.

This was the first time that we saw a wide market reaction since the low point of the market in mid -June, said Dorman.

"Back this week we saw a much greater scatter in the past 6 weeks, with large winners and big ones every week, with the market leaders in their respective sub -sectors ahead," he said.

The cryptoma markets are indeed dark, but stocks are not too hot either. The benchmark indices, the wide S&P 500 and the technology-heavy Nasdaq 100, are both shaky after a few strong weeks-with a minus of 1 % or 2 %.

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The contribution "Crypto Price Collapse Across the Board, Dragd By Bitcoin and Ether" is not a financial advice.