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On Tuesday, the crypto market failed to carry forward yesterday’s gains as the global crypto market capitalization was below the 1 trillion mark and was down 1.54% at $853.82 Billion compared to the last day. The total crypto market volume in the previous 24 hours is $38.97B, which makes a 13.85% increase.
Meanwhile, the world’s largest cryptocurrencies, Bitcoin and Ethereum, were down 1.87% and 2.79% at $17,009.28 and $1,261.68, respectively. The biggest token is down almost by three-quarters from its record high of $69,044.77 on November 10, 2021.
Top Crypto Losers today:
The top cryptocurrencies which contributed to today’s losses in the broader market included ApeCoin (APE), Chainlink (LINK), and Polkadot (DOT), down 4.83%, 4.12%, and 4.10%.
ApeCoin (APE):
During the intraday trading session today, ApeCoin was spotted trading 4.83% lower over the last 24 hours at USD$3.98 USD with a 24-hour trading volume of USD$162,658,371. At the time of writing this article, the altcoin had a market cap of USD$1,436,541,695 USD. ApeCoin has a circulating supply of 361,250,000 APE coins and a maximum supply of 1,000,000,000 APE coins.
Chainlink (LINK):
The live Chainlink price today is USD$7.24, down 4.12%, with a 24-hour trading volume of USD$234,282,411. The altcoin has a live market cap of USD$3,676,782,894. It has a circulating supply of 507,999,970 LINK coins and a maximum supply of 1,000,000,000 LINK coins.
Polkadot (DOT):
The live Polkadot price today is USD$5.48, with a 24-hour trading volume of USD$165,945,054. Polkadot is down 4.10% in the last 24 hours. It has a current market cap of USD$6,274,133,167.
Meanwhile, other cryptocurrencies which fell into today’s losers list included Cronos (CRO), Dogecoin, XRP, and Maker.
Major US indices close in red on Monday:
Major US indices closed in red on Monday. The S&P 500 was down 1.79%, Nasdaq Composite slumped 1.93%, while the Dow Jones Industrial Average settled 1.4% lower. The downturn came after a higher-than-expected Institute for Supply Management November services raised investor concerns about the Fed’s plan to increase interest rates in December.
Other significant developments in the crypto industry that are likely impacting the overall performance of the market:
A report by Reuters indicated that a U.S. agency that probes allegations of misleading conduct confirmed Monday that it had probes open into several cryptocurrency companies for “possible misconduct.”
Orthogonal Trading receives default notice:
Meanwhile, in what is seen as a big blow to undercollateralized lending protocols, Blockchain-based lending platform Maple Finance has reportedly severed ties with crypto firm Orthogonal Trading over allegations that it was “misrepresenting its financial position.”
A default by Orthogonal comes at a time when undercollateralized lending protocols grapple with a liquidity crunch and the fallout from FTX’s implosion.
The move came after Orthogonal was due to repay a $10M USDC stablecoin loan from a credit pool managed by M11 Credit on December 4.
It is to be noted that Orthogonal’s lapse is the second time a borrower defaulted on Maple after Babel Finance failed to service its debt in June.
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