Bitcoin, Ethereum, Dogecoin Head For New Lows As Crypto.com, BlockFi Add FTX Scare — A Bear Market Worse Than 2018? – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Major coins were trading lower intraday on Sunday evening as the global cryptocurrency market capitalization fell 3.9% to $815.4 billion at 8:47 PM EST.
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| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -4.6% | -22.2% | $16,092.70 |
| Ethereum ETH/USD | -5.9% | -24.55% | $1,189.12 |
| Dogecoin DOGE/USD | -9.2% | -28.45% | $0.08 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| The Trust Wallet token (TWT) | +28.45% | $1.87 |
| Axie Infinity (AXS) | 13.2% | $7.60 |
| Convex finance (CVX) | +9.2% | $4.21 |
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Why it matters: Bitcoin and Ethereum traded in red at the time of writing. Bitcoin hit an intraday low of $16,046.53, while Ethereum fell below $1,200 on Sunday.
The Democrats are set to maintain control of the Senate after Sen. Catherine Cortez Masto (D-Nev.) defeated his Republican rival, former Nevada attorney general Adam Laxalt Sunday, Reuters reported.
Risk assets, including stocks, traded lower as investors took stock of medium-term results. S&P 500 and Nasdaq futures were seen in the red at the time of writing.
Cryptocurrency investors are also dealing with the fallout from the FTX crisis. The CEO of the beleaguered stock exchange was in the spotlight at the weekend when his private jet was tracked to Argentina.
Meanwhile, in an exclusive interview with Benzinga, Kucoin CEO Johnny Liu said that “We are actively looking to help and buy ailing businesses and we choose our future partners.” The CEO did not mention details of the potential acquisitions.
Lyu also predicted a “not so dramatic” decoupling of the cryptocurrency and traditional financial markets.
Investor sentiment monitor Alternative.me’s “Crypto Fear & Greed Index” was flashing “Extreme Fear” at the time of writing. The mood has worsened in the last week when the index was at “Fear”.
Michael van de Poppe said it is a “heavy bear market” that is “much heavier than 2018” but “the winners are those who continue in this bear market.”
OANDA senior market analyst Craig Erlam said in a recent note, seen by Benzinga, “the collapse of FTX and the uncertainty it has brought to the industry has been another damaging blow. How damaging it will be will depend on what further details emerge in the coming days, but right now, prices remain under pressure and vulnerable to further sharp falls.”
On Sunday, CEO of Crypto.com Kris Marszalek said it “mistakenly” transferred $400 million worth of Ethereum to a competing cryptocurrency exchange, further angering investors. Just a few days ago, BlockFi suspended withdrawals after FTX collapsed, saying they could no longer operate their business. BlockFi had previously been bailed out by Sam Bankman-Fried-led exchange.
Following the collapse of FTX, Bitcoin investors have been withdrawing coins for self-storage, according to a tweet from Glassnode, a research firm on the chain.
On the macroeconomic front, Federal Reserve Gov Christopher Waller said that the US central bank can be expected to slow the pace of interest rate increases at its next meeting, but that should not be interpreted as “softening”.
Read next: Crypto.com CEO Says $300M worth of ETH Transferred ‘Wrongly’, Binance’s CZ Tweets ‘Clear Sign of Trouble’
