The latest moves in crypto markets, in context By Krisztian Sandor, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Monday! Here’s what you need to know today in crypto to start the week. |
- Crypto prices nosedived as investors fled risk assets across the globe.
- Liquidations of crypto derivatives hit $1 billion in massive leverage wipeout.
- Coinbase, bitcoin miner stocks slide 10% pre-market.
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CoinDesk 20 Index: 1,596 −19.1%
Bitcoin (BTC): $50,963 −16.4%
Ether (ETC): $2,238 −23.3%
S&P 500: 5,346.56 −1.8%
Gold: $2,439 +0.6%
Nikkei 225: 31,458 -12.4% |
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Cryptos crashed as risk-off sentiment permeated global markets. Bitcoin (BTC) tumbled below $60,000 during the weekend, then nosedived to $49,300 during Monday's Asian morning as investors fled risk assets. Bitcoin is down nearly 15% in the past 24 hours, recovering to near $52,000. Ether fell 22% to $2,100, recording its biggest one-day fall since 2021. The altcoin-heavy broad-market benchmark CoinDesk 20 Index (CD20) slid nearly 20%, with crypto majors solana (SOL) and Near Protocol (NEAR) plummeting 20%-25%. "Feels like we have been hit by a perfect storm," QCP analysts said in a market update. What started the sentiment shift was Friday's U.S. economic and jobs data igniting recession fears, coupled with rising tensions in the Middle East. The Japanese yen spiked against the U.S. dollar, leading to an unwind of trades across asset classes, with Asian equity indexes suffering record routs on Monday: The Taiwanese index, for example, had its worst day in 57 years. QCP also pointed to crypto trading giant Jump selling off assets, exacerbating the decline. |
Crypto-related company stocks slid with digital asset prices. Crypto exchange Coinbase (COIN) dropped more than 9% in U.S. pre-market trading, while MicroStrategy (MSTR), which has a policy of buying bitcoin and holds more than 1% of the total supply that will ever be issued, lost 13%. CoinShares, a crypto asset manager, fell 7.5% in Sweden. U.S.-listed miners Marathon Digital (MARA) and Iren (IREN) both lost almost 14%, Hut 8 (HUT) fell 12% and Riot Platforms (RIOT) lost 11%. Derivatives traders suffered a massive leverage wipeout as prices crashed. Crypto-tracking futures recorded over $1 billion in liquidations in the past 24 hours, CoinGlass data shows. Ether (ETH) futures recorded over $340 million in liquidated bets and bitcoin futures losses led at $420 million. Futures tracking Solana’s SOL, dogecoin (DOGE), XRP and PEPE took on $75 million in cumulative liquidations. |
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Market Insight: Bitcoin Drops 15% Against Japanese Yen, Outpacing Declines Versus USD, as Yen Carry Trades Unwind |
Bitcoin's (BTC) yen-denominated price tanked nearly 15% on the Tokyo-based bitFlyer exchange, falling more than its dollar-denominated price, which dropped 11%, on Western exchanges. The steeper decline in yen terms stemmed from the Japanese currency's sharp appreciation in foreign exchange markets. Japan raised interest rates by 0.25% last week, leading to a strong yen and a corresponding drop across risky assets including bitcoin. The rout deepened after Tokyo opened on Monday, with markets across Asia ending the day at a loss. Japan’s Topix 100 index recorded its worst session since 2011 and the Nikkei 225 fell 12%. Meanwhile, crypto futures traders saw their worst day since March as liquidations crossed the $1 billion mark in the past 24 hours. The Japanese currency has soared nearly 10% against the USD in three weeks, a staggering increase for the world's third-biggest reserve currency and the one preferred by traders worldwide to fund purchases of risk assets. |
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- The chart shows bitcoin's six-month skew, measuring the spread between calls and puts prices.
- The positive value indicates that long-term bias remains bullish amid the price crash to $50,000.
- A call offers an asymmetric upside to the buyer and represents a bullish bet on the market.
- Source: Amberdata
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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