First Mover Asia: Bitcoin Is Off on Us Holiday and Could Fall Further
By James Rubin
Market moves: Bitcoin dropped below $42,000; ether and most other, major altcoins also fell.
Bitcoin (BTC): $42,140 -2.5%
Ether (ETH): $3,209 -4.5%
|Cardano||ADA||+9.4%||Smart Contract Platform|
|Cosmos||ATOM||−7.9%||Smart Contract Platform|
|Polkadot||DOT||−7.1%||Smart Contract Platform|
S&P 500: 4,662 +.08%
DJIA: 35,911 -0.5%
Gold: $1,817 -0.2%
Bitcoin price chart over past 24 hours
Crypto prices sagged on Monday, a national U.S. holiday honoring civil rights activist Martin Luther King Jr., and showed few signs of reversing any time soon.
Bitcoin, the largest cryptocurrency by market capitalization, fell below $42,000, although at the time of publication it was above that mark. Ether dropped under $3,200, while most of the other leading altcoins stayed in the red.
Meanwhile, a New York Times story highlighted the inability of the U.S. Centers for Disease Control and Prevention to keep pace with data about the Omicron variant of the coronavirus, which has been hammering the global economy.
Pankaj Balani, CEO of the crypto derivatives exchange Delta Exchange, said that bitcoin is vulnerable to falling further because buying demand is absent. “We are not seeing any bottom fishing at these levels, and the interest to own bitcoin risk around $40,000 remains low,” Balani told CoinDesk’s Omkar Godbole in a WhatsApp chat. “We could retest $40,000 and should that break, we can see a fresh round of selling come through.”
Off the Charts: DeFi Rebound:Total value locked is rising despite the retreat in other crypto prices. (By Michael Casey)
It’s too early to say whether the rebound in TVL will meaningfully reverse the declines in DeFi commitments seen since last spring. However, it’s notable the value has increased despite close to no rebound in dollar prices. We will have to see whether the sector can return to the unbridled enthusiasm of a year ago, or whether the zeitgeist has been lost to NFTs.
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