The latest losses actually came following a 76% jump in OMI's price in a matter of a week. OMI Declines After Massive Upside in AugustĪgainst this bearish backdrop, altcoin OMI, which has a market cap of $269.4 million, has recorded a decline of 8.4% in the past 24 hours to now trade at $0.000994 while managing just over $ 1 million in trading volume, which represents a decrease of 36.80% from a day ago. Now, a report from The Wall Street Journal this week stated that the cryptocurrency exchange Binance may be considering “a full exit” from Russia amid sanctions from countries including the US. ![]() In March, the CFTC filed a civil lawsuit against the exchange, and then a few months later, the SEC filed 13 charges against Binance. 2022 and early March 2023, USDC's market cap did see a couple of jumps, only to continue downwards.Īmidst all this, the largest crypto exchange, Binance, continues to struggle with Mastercard and Visa refusing to issue cryptocurrency payment cards for the platform, which is facing regulatory troubles. The subsequent jump in market cap took it to its peak of $56.12 bln in late June 2022, only to now be at $26 bln. On July 27, USDT's market cap yet again climbed to $83.89 bln, but since then, it has declined some and is currently at $82.78 bln.Īs for USDC, which has a 20.6% market share, its market cap increased from $730 mln in March 2020 to $53.45 bln on March 1, 2022, and then declined to $48.45 bln on May 11, 2022. The leading stablecoin, Tether, which accounts for 66.42% of the stablecoin market share, saw its market cap surging from about $4 bln in March 2020 to $83.27 bln in May 2022, only to drop to $65.3 bln in Nov. If we look at the market cap of the top two stablecoins, USDT and USDC, which together account for 87% of the stablecoin market, have been experiencing a decline, painting a bearish picture. Meanwhile, the crypto asset's annualized seven-day realized volatility has fallen to 26% from nearly 60% seen early last week. The banking giant said in its recent report that the liquidation of long positions is nearing completion. It has been historically the worst month for Bitcoin, with the price failing to record a positive performance since 2016.īut while crypto prices can fall further in the short term, the decline will be limited, according to JPMorgan. With the price making higher highs and higher lows, futures traders have been positioning for a bearish market, while options activity shows traders expect a further downside ever since the start of August.Įxpectations for the price dip match with the historically red September. ![]() ![]() ![]() The ongoing weakness comes amidst a generally bearish sentiment among crypto traders and the lack of new catalysts to rally markets.īitcoin's price is currently below its 200-week average, which has the short-term outlook for the largest cryptocurrency to be further downside. The total crypto market continues to be just above the $1 trillion mark. After momentarily going above $26,000, Bitcoin is back under it and, as of writing, has been trading at $25,983.Įther, meanwhile, is exchanging hands at $1,642 despite trading aggregator protocol 1Inch investing over $10 million worth of stablecoins from its treasury to purchase 6,088 ETH over the weekend.
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