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October 8, 2022
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Guide & Analysis

BTC, ETH and Tokens in red after crypto holiday

Most of the crypto market is in the red today, yielding $523 million in futures settlements in the process.

The cryptocurrency market had a small increase in the Santa Claus at the end of last week and was in the green over the weekend, when Bitcoin approached a return of $52,000 and the total market capitalization of cryptocurrencies returned to above $2.5 trillion.

This week was a different story. Most of the market posted increasing losses on Tuesday, with major currencies like Bitcoin and Ethereum dropping more than 6% in 24 hours, along with metaverses and game tokens.

Bitcoin (BTC) is at $47,950 as of this writing, according to CoinGecko. It’s still up 1.5% last week, but it’s down more than 12% in a 30-day period.

With $50,000 seen as the current key resistance level, it’s not surprising to see Bitcoin drop below that level after breaking the milestone over the weekend. It may also be due in part to post-Christmas profit making before the New Year.

The market slump led to significant liquidations of leveraged positions, according to CoinGlass data, likely leading to further losses in the process. The site shows nearly $523 million in futures contract settlements over the past 24 hours from more than 165,000 brokers, including more than $167 million in Bitcoin positions alone.

Some crypto and metaverse game-related currencies and tokens, which have experienced volatile swings recently amid significant recent gains, are also double digits below average today.

Gala Games (GALA) is down 13%, for example, with Decentraland (MANA) and Enjin Coin (ENJIN) each losing about 12% of their respective values ​​in 24 hours. Sandbox (SAND), meanwhile, fell by a more modest 8% during the period.

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