Image default
Crypto

Polygon, Solana Tokens Lead Majors Slide Amid Bitcoin Weakness

Facebook iconLinkedin iconTwitter iconAlternative currencies fell following weakness in bitcoin. (CoinDesk)

Alternative currencies fell following weakness in bitcoin. (CoinDesk)

Consensus 2023 LogoJenny JohnsonPresident and CEOFranklin TempletonJenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…Secure Your SeatConsensus 2023 LogoJenny JohnsonPresident and CEOFranklin TempletonConsensus 2023 LogoJenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…Secure Your SeatFacebook iconLinkedin iconTwitter iconConsensus 2023 LogoJenny JohnsonPresident and CEOFranklin TempletonJenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…Secure Your SeatConsensus 2023 LogoJenny JohnsonPresident and CEOFranklin TempletonConsensus 2023 LogoJenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…Secure Your Seat

Selling pressure on bitcoin (BTC) contributed to a broader market drop as tokens of some of the largest blockchains fell as much as 6% in Asian morning hours on Thursday.

Bitcoin dipped under $22,000 during European hours on Wednesday, even as broader traditional markets remained relatively unchanged. Ether (ETH) shed over 2%. Among other large-caps, solana (SOL) and matic (MATIC) fell 6% in the past 24 hours, while Uniswap’s UNI and Avalanche’s AVAX fell 4% in the same period.

Artificial intelligence-focused tokens The Graph (GRT) and SingularityAI (AGIX) fell as much as 8%, paring gains from a month-long rise. Curve ecosystem tokens curve (CRV) and convex (CVX) fell 7%, while gaming-focused ImmutableX (IMX) dropped over 12%.

The CoinDesk Market Index (CMI), a broad-based index designed to measure the market capitalization-weighted performance of the crypto market, fell 1.2%.

Toncoin (TON) bucked the trend, rising 6% in the past 24 hours on no immediate catalysts. Shiba inu (SHIB) rose 2.2%, buoyed by the upcoming beta launch of Shibarium, its native blockchain.

As such, the market-wide decline came as crypto-friendly Silvergate Bank said it will “voluntarily liquidate” its assets and wind down operations of its holding company, Silvergate Capital Corp. (SI).

Elsewhere, CoinDesk reported that U.S. banking giant JPMorgan (JPM) is ending its banking relationship with Gemini.

Meanwhile, the drop in prices caused over $100 million in liquidations in the past 24 hours, data from analytics tool Coinglass shows. Slightly over 85% of these liquidations were on short positions, or from traders betting on falling prices.

Over $70 million worth of those figures occurred on bitcoin and ether futures alone.

Liquidations occur when traders borrow funds from exchanges to bet on crypto prices using a relatively smaller initial capital, one that is forfeited when prices reach a predetermined liquidation level.

DISCLOSURE

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Trending1CDCROP: Brian Armstrong CEO Coinbase (CoinDesk)FinanceCoinbase Pauses Conversions Between USDC and U.S. Dollars as Banking Crisis Roils CryptoMar 11, 20232CDCROP: Circle CEO Jeremy Allaire is part of the consortium behind USDC (Danny Nelson/CoinDesk)FinanceCircle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley BankMar 11, 20233Circle CEO Jeremy Allaire (Danny Nelson/CoinDesk)MarketsCircle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank's ShutdownMar 11, 20234CDCROP: The HASH Podcast GraphicCoinDesk Podcast NetworkSilicon Valley Bank Shut Down by State Regulators; Meta Reportedly Explores Decentralized AppMar 11, 2023

Source coindesk.com

Related posts

Market Wrap: Bitcoin Falls Initially on US Jobs Report, Grinds Higher Later

Blake Goodwin

First Mover Americas: Bitcoin Stays Near $17K Ahead of Jobs Report

Blake Goodwin

First Mover Americas: Network Update Lifts AVAX

Blake Goodwin

Leave a Comment