Altcoins
Altcoins Crushed as $70,000,000,000 Leaves Crypto Markets to Start the Week
Altcoins fell further to start the week, while most digital assets continue a multi-month downward trend.
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 earlier today, a discount of 70 billion dollars.
According to crypto data aggregator Change machinethere were over $242 million in positions liquidated, largely from traders attempting to buy altcoins.
Current Coinglass data shows traders are bullish on Dogecoin (DOGE) have been hit the hardest over the past 12 hours, along with other altcoins in the memecoin sector like Shiba Inu (SHIB) not far behind.
Source: Coinglass
The decentralized finance (DeFi) sector is also facing a bloodbath, with several coins now at or near historic lows.
DYDXthe native token of the Ethereum-based decentralized exchange (DEX), hit $1.40 early Monday and is now down 95% from its all-time high and just 28% from all-time lows.
Curve Financing (CRV), one of the largest DEXs in the industry, hit an all-time low of $0.23 late last week after its founder confronted approximately $100 million in liquidations.
According to the digital asset manager Coin SharesInstitutional investors withdrew more than $600 million of capital from exchange-traded products (ETPs) last week, likely due to the fact that the latest Federal Open Market Committee (FOMC) meeting was longer. warmonger provided that.
“This occurred under similar circumstances: a period of large inflows followed by a more hawkish than expected FOMC meeting, prompting investors to reduce their exposure to fixed-supply assets. These capital outflows and the recent price decline caused total assets under management (AuM) to fall by over $100 billion to $94 billion during the week.
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Featured image: Shutterstock/Natalia Siiatovskaia/A. Solano