AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
While US stocks remain relatively stable last week, Asian stocks plunged in the early hours on Monday amid concerns over a string of reported deaths that may trigger tightenings of COVID-19 policies. The dollar rose against global currencies, while Treasuries gained across the curve.
The broader crypto market seems to be developing along a separate line of narrative. Over the weekend, major cryptocurrencies plunged as rumors of a selloff initiated by the FTX drainer dampened investors’ sentiment. As of the time of writing, BTC is changing hands slightly above the $16k support, after posting a 2.8% loss in the last 24 hours. ETH fared worse in comparison to BTC, and sustained a 7% loss in the same period. Mid-to-large-cap altcoins are all submerged in a sea of red, with CHZ and a few others leading the downside correction on a double-digit percentage loss in a similar time frame.
On-chain analytics reveal that things may be taking a turn for the worse as the supply of BTC aged between 6 months to 2 years has dropped by over 175k over the past couple of days. Meanwhile, on-chain realized loss spiked in the same period, suggesting a possible capitulation among the mid-to-long term holders.
While major cryptocurrencies gyrated within narrow ranges in the past week, several altcoins outperformed the broader market with staggering double-digit gains. CREAM is up 52.5% week-on-week, with two major pumps over the weekend. Although the protocol’s TVL experienced little change, the recent pumps of the small-cap token are likely fueled by renewed confidence in decentralized finance.
On the 1-hour chart, CREAM’s price action pulled back slightly after the second major pump on Sunday. However, the price remains well-bid above the 50- and 100-hour EMA. RSI remains in the neutral territory, while CREAM’s volatility in price relative to the change in volume and market cap suggests that the current risk profile for the DeFi lending token remains in the lower spectrum.
Check Out the Latest Prices, Charts, and Data for CREAMUSDT!
After days of swapping funds withdrawn from FTX to ETH, the purported “FTX Account Drainer” is now swapping for BTC holdings with its ETH stack, exerting selling pressure on the price of ETH. Earlier Sunday, the exploiter swapped around 5000 ETH for 347 renBTC, according to blockchain tracker PeckShieldAlert, followed by another swap of a similar amount for 344.53 renBTC. The exploiter then bridged the newly swapped renBTC out of Ethereum via Ren’s BTC gateway, effectively cashing out 45,000 ETH for BTC. Despite heavy selling, the wallet labeled “FTX Accounts Drainer” on Etherscan is still ranked 37th among the largest holders of ETH.