{"id":26492,"date":"2022-08-20T02:58:42","date_gmt":"2022-08-20T02:58:42","guid":{"rendered":"http:\/\/egrowonline.com\/?p=26492"},"modified":"2022-08-20T02:58:42","modified_gmt":"2022-08-20T02:58:42","slug":"friday-frenzy-roils-altcoin-prices","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=26492","title":{"rendered":"Friday frenzy roils altcoin prices"},"content":{"rendered":"


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A Friday frenzy of sell-offs, led by Cardano’s plunge, roiled altcoin prices. – Photo: Shutterstock<\/figcaption><\/figure>\n

A Friday frenzy of sell-offs roiled altcoin prices, ending two weeks of relative cryptocurrency<\/a> market calm.<\/span><\/p>\n

Prices declined across the board as analysts struggled to determine the cause of the downturn. STEPN (GMT<\/a>) and filecoin (FIL<\/a>) were the biggest losers as they both were down about 17% around the time that conventional markets closed in North America. (All figures based on CoinMarketCap data.)<\/span><\/p>\n

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GMT<\/a> to USD<\/span><\/strong><\/h2>\n

Not a flash crash<\/span><\/strong><\/h2>\n

Numerous coins \u2013 including FLOW<\/a>, NEAR<\/a>, QTUM<\/a> and apecoin (APE<\/a>) \u2013 suffered double-digit percentage declines. But this market-wide drop differed from others earlier this year in that it was not tied to a major crypto\u2019s financial collapse or another major incident.<\/span><\/p>\n

\u201cIt\u2019s not showing the pattern of a flash crash, as the assets didn\u2019t immediately rebound sharply but sank even lower in the hours that followed,\u201d Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown, told CNBC. \u201cIt seems likely that is was as a result of a large sale transaction, in the absence of other more external factors.\u201d<\/span><\/p>\n

FIL<\/a> to USD<\/span><\/strong><\/h2>\n

Cardano plunges first<\/span><\/strong><\/h2>\n

According to Streeter, the Cardano blockchain\u2019s \u00a0coin ADA<\/a> plunged first. The drop occurred after prominent tech developer Adam Dean said Thursday in a tweet that Cardano\u2019s Vasil hard fork<\/a> testnet, or test network, is \u201ccatastrophically flawed\u201d due to a bug in a node. <\/span><\/p>\n

Dean is a former Cardano stake pool developer. <\/span><\/p>\n

As Capital.com recently explained<\/a>, Vasil is one of two major hard forks under development, along with Ethereum\u2019s Merge. Decred completed a hard fork recently.<\/span><\/p>\n

After ADA plunged, bitcoin (BTC<\/a>), ether (ETH<\/a>), which is the main coin of the Ethereum blockchain, and then smaller coins like dogecoin (DOGE<\/a>), also descended.<\/span><\/p>\n

\u00a0<\/p>\n

Sector withstood\u00a0troubles<\/span><\/strong><\/h2>\n

The crypto sector had easily withstood\u00a0such recent troubles as the Nomad Bridge hack<\/a>, US government sanctions<\/a> against crypto mixer Tornado Cash, and Singapore-based lender Hodlnaut\u2019s decision to freeze<\/a> withdrawals, swaps and deposits.<\/span><\/p>\n

That calm response contrasted with price implosions that resulted from <\/span>the <\/span>Celsius Network collapse<\/span><\/span><\/a><\/span>, and similar financial strife experienced by fellow crypto lender <\/span>Voyager Digital<\/span><\/span><\/a><\/span> and hedge fund operator <\/span>Three Arrows Capital<\/span><\/span><\/a>.<\/span><\/span><\/span><\/span><\/p>\n

\u2018Fresh chill\u2019 descends<\/span><\/strong><\/h2>\n

Streeter told CNBC that Friday\u2019s \u201cfresh chill\u201d has descended amid fears that the market is heading for a crypto winter. Many other observers have suggested that the crypto winter is already here.<\/span><\/p>\n

Another analyst suggested that macroeconomic factors and concerns about more US Federal Reserve (Fed) interest-rate hikes also could also have affected crypto prices.<\/span><\/p>\n

\u201cUS equity markets have pulled back since Wednesday\u2019s release of the July Fed meeting minutes, the key takeaway being that the Fed likely won\u2019t be finished with rate hikes until inflation is tamed across the board, with no guidance offered on future rate increases either,\u201d Simon Peters, a crypto market analyst at eToro, told CNBC.<\/span><\/p>\n

\u201cWith the tight correlation between US equities and crypto in recent months, I suspect this has filtered through to crypto markets and it\u2019s why we are seeing the sell-off. The trend has also perhaps been exacerbated by liquidation of long positions on bitcoin perpetual futures markets.\u201d<\/span><\/p>\n

Citing Coinglass data, Peters told CNBC that Friday marked the biggest liquidation of long positions on futures since June 18.<\/span><\/p>\n

Volatility again wracking market<\/span><\/strong><\/h2>\n

Market leaders bitcoin and ether sank below $22,000 and $1,800, respectively \u2013 after easily holding well above those levels in recent days. Bitcoin had briefly surpassed $25,000 and ether had exceeded $2,000 temporarily.<\/span><\/p>\n

\u201cAlthough at $21,800 bitcoin is still some way off its June lows of under $19,000, volatility is once again wracking the market,\u201d Streeter told CNBC.<\/span><\/span><\/p>\n

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A Friday frenzy of sell-offs, led by Cardano’s plunge, roiled altcoin prices. – Photo: Shutterstock A Friday frenzy of sell-offs roiled altcoin prices, ending two weeks of relative cryptocurrency market calm. Prices declined across the board as analysts struggled to determine the cause of the downturn. STEPN (GMT) and filecoin (FIL) were the biggest losers […]<\/p>\n","protected":false},"author":1,"featured_media":26493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[349,462,2433,666,10595],"class_list":["post-26492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoin","tag-frenzy","tag-friday","tag-prices","tag-roils"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/Cardano-Pic-Aug-19-22.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26492"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26492\/revisions"}],"predecessor-version":[{"id":26494,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26492\/revisions\/26494"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/26493"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26492"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}