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.
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%.
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.
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.
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 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.
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.”
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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