Crypto Markets Give Up Previous Week's Gains

Solana broke its three-day winning streak, dropping by almost 6% on the day.

By: Mehab Qureshi Loading...

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Crypto markets dipped on Wednesday, with most tokens surrendering the majority of their gains from last week's rally.

Bitcoin (BTC), the world's largest cryptocurrency, is currently trading at around $62,500, down nearly 2% over the last 24 hours. Ether (ETH) dropped 1.4%, while Dogecoin (DOGE) dipped by 4%.

BTC Price chart
BTC Price

J. A. Maartunn, a contributor to the on-chain analytics platform CryptoQuant, warned that for Bitcoin, any daily close below $62,100 “or prolonged inactivity counts as a stop-loss.”

Meanwhile, Michael van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lacklustre price action since Bitcoin's halving in mid-April. “Bitcoin slowly proceeds towards the lower boundaries of the range for a test of support,” he said. “After that, it seems likely we’ll continue the upward grind. Boredom has started since the Bitcoin halving took place.”

Solana’s three-day winning streak appears to be over, with SOL dropping by more than 5%.

Data from DefiLlama shows that Solana's TVL on Wednesday stood at 26.92 million SOL, marking the lowest point in the month, as compared to 28.22 million SOL the day before. The drop also came after its four-hour Relative Strength Index (RSI) surpassed 70, entering overbought territory.

SOL Price
SOL Price

Data from CoinGlass shows that in the past 24 hours, over 63,000 leveraged traders were liquidated for a total of $140 million.

FTX Payouts

FTX, the bankrupt cryptocurrency exchange, has put forth a new reorganization plan. If approved by the Delaware bankruptcy court, 98% of its creditors could receive 118% of their claims in cash within 60 days.

Additionally, non-government creditors would get back 100% of their claims along with up to 9% interest.

Ethena's governance token ENA surged on Tuesday following the announcement of Bybit's integration of the protocol's USDe synthetic dollar for expanded trading activities. ENA hit a two-week high at $0.96 before retreating.

Stock markets are consolidating following the blue-chip average's longest winning streak since December.

The Dow Jones Industrial Average slipped less than 0.1%, while the S&P 500 and Nasdaq 100 dropped by about 0.2%.