Cryptocurrency Today: Bitcoin Drops Below $29,000, Cardano and Solana Drop 10% as Chinese Technology Shares Sell

On a day that saw fresh sell-off in Chinese technology stocks with the fear of negative results, Bitcoin (BTC) once again finds itself in a weak position and drops below $29,000 this morning. The cryptocurrency was trading at $28,735 last night, and at 7:05 am, it reached $28,984. Within 24 hours, it recorded a decrease of 3.3%.

Altcoins, as cryptocurrencies are called in addition to Bitcoin, are once again underperforming the main digital currency in the market and are falling sharply today. Among the cryptocurrency groups with the highest capitalization, the negative features are Cardano (ADA) and Solana (SOL), whose returns are close to 10%. Ethereum (ETH), the second largest cryptocurrency by market capitalization, fell 5.3% and lost $2,000 to $1,925.

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The cryptocurrency market cap fell 3% to less than $1.3 trillion, following the US stock market yesterday after results from consumer companies like Target missed expectations, leading to a more than 22% drop in the retail giant’s stocks.

The weak performance of US companies tainted Asian stocks, which fell on the back of Chinese technology stocks. Tencent, for example, reported the smallest increase in revenue since 2014, and its shares plunged 8% in the Thursday session. Maintaining a close correlation with tech stocks, Bitcoin deepened yesterday’s decline.

“The market continues its current downward trajectory,” Autonomy CEO James Key wrote to CoinDesk, noting that institutions view “cryptocurrencies as risky exotics, and as we enter a recession, these are the first assets these players are selling.” “. However, the expert noted that the number of cryptocurrency wallets with small amounts of BTC exceeded 10 million for the first time.

The slowdown in the crypto market was also driven by statements from Federal Reserve Chairman (Fed) Jerome Powell, who pledged to continue monetary tightening until inflation eases. As a result, crypto analysts expect the price correction to continue if current market conditions persist.

For Mike Novogratz, CEO of crypto bank Galaxy Digital, those anticipating a higher “V” in the market are likely to be disappointed. It will take a restructuring, a cycle of redemption, consolidation, and a renewal of confidence in cryptocurrencies. Cryptocurrencies are moving in cycles, and we just saw a big one.”

  • Watch: Former JPMorgan trader condemns Ethereum and shoots: ‘May not recover from next 90% drop’

Check out the performance of major cryptocurrencies at 7:05 am:

Cryptocurrency price Change in the last 24 hours
Bitcoin (BTC) 28984.43 USD -3.3%
Ethereum (ETH) 1,925.78 USD -5.3%
Binance Coin (BNB) 295.23 USD -2.1%
XRP (XRP) 0.403120 USD -6.1%
Cardano (ADA) 0.509122 USD -9.5%

Cryptocurrencies with the biggest gains in the last 24 hours:

Cryptocurrency price Change in the last 24 hours
Series (XCN) 0.095341 USD +9%
Leo symbol (LEO) 5.04 USD + 0.8%
Pax Gold (PAXG) 1,833.80 USD + 0.5%
TRON (TRX) 0.072396 USD + 0.5%

Cryptocurrencies with the biggest drop in the last 24 hours:

Cryptocurrency price Change in the last 24 hours
earth moon) 0.00012550 USD -31.3%
EarthUSD (UST) 0.076755 USD -19.2%
Steben (GMT) $1.30 -17%
Chile (CHZ) 0.112265 USD -16.5%
Iota (Myota) 0.320283 USD -15.8%

Check out how the cryptocurrency ETFs closed in the last trading session:

ETF price disparity
Hashdex NCI (HASH11) 25.74 BRL -2.31%
Hashdex BTCN (BITH11) 35.40 Brazilian Real -0.56%
Hashdex Ethereum (ETHE11) 28.85 Brazilian Real – 5.09%
Hashdex DeFi (DEFI11) 23.20 Brazilian Real -7.89%
Hashdex FI (WEB311) smart contract platform 23.40 Brazilian Real -6.77%
QR Bitcoin (QBTC11) 9.07 Brazilian Real -3.51%
QR Ether (QETH11) 7.10 Brazilian Real -4.05%
QR DeFi (QDFI11) 4.08 Brazilian Real + 0.24%

Check out the main news from the cryptocurrency market this Thursday (19):

The US government will push for the separation of shares in stock exchanges and customers

A source familiar with the plan told CoinDesk that the US government will press Congress to require crypto exchanges to keep their clients’ funds separate from their corporate funds.

Prompted by Coinbase’s recent disclosure of a ban on client funds if the company files for bankruptcy, federal officials aim to pressure US lawmakers to address the issue, insisting that the future legal framework requires crypto companies to hold the assets of quarantined clients.

While the custody rule is the norm for financial firms, such as futures platforms, cryptocurrency exchanges often mix equity with customer values, something the government wants to end.

The source said that US officials will be pushing in the coming weeks to implement the change in any crypto bills considered by Congress.

Esporte Clube Bahia announces fan icon

Bahia is the new Brazilian football club to subscribe to fan tokens and crypto assets aimed at fan engagement that give its owner the right to participate in polls to choose product design, music and messaging, among other internal decisions.

The news, announced yesterday, makes Bahia the ninth Brazilian team to launch a fan token – the eighth in partnership with the platform.

“We are very pleased to have as a partner, which proves the international strength of the club. There is a phrase that our fans love on social media, which is ‘Bahia is the world.’ Pioneering and innovation are the hallmarks of the club,” said Guilherme Bellentani, Bahia President.

The fan symbol will trade under the symbol $BAHIA, but the release details have not yet been released.

The Korean company that funded Terra (Luna) suffered a loss of $3.5 billion

One of the largest investors in the Terra blockchain (LUNA), South Korean venture fund Hashed has recorded an estimated loss of $3.5 billion following the collapse of the Luna token and UST stablecoin.

Publicly, Hashed has said that it is “financially sound” and Hashed Ventures has not been affected by the crisis, but public data available on the blockchain shows that the company holds close to 50 million luna. The tokens came from a $25 million investment in an initial round, according to data from Crunchbase.

Upon contact, Hashed did not respond to a request for comment from CoinDesk until closing.

Coinbase Creates a Research Center on Cryptocurrency

Coinbase has created a research center focused on the cryptocurrency industry, called the Coinbase Institute.

The initiative aims to advance research on cryptocurrency and Web3 and plans to hold talks with policy makers and industry leaders. In addition, it will have a monthly report on insights into the digital asset markets.

Coinbase has also formed the Coinbase Institute Advisory Board with a board of directors made up of professors from MIT, Harvard, Michigan, Johns Hopkins and Duke. Hermine Wong, Director of Policy at Coinbase, will serve as Director of the Coinbase Institute.

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