- Top crypto tokens by market cap – Bitcoin price down 0.6% at $21,300, Ethereum price at $1615, up about 1%
- Global crypto market cap up about 0.1% in past 24 hours, currently at about $1.02 trillion
- Top crypto news – IMF reports increased correlation between crypto & equities, Bitcoin miners have sold 7x more BTC in Q2 than in Q1 2022, institutional crypto investors HODL on to their investments
CRYPTO MARKET TODAY AT A GLANCE
|Global crypto market cap||$1.02 trillion|
|Rise/Fall in crypto market cap||0.1%|
|Global DeFi TVL||$61.48 billion|
|Rise/Fall in DeFi TVL||-0.09%|
GLOBAL CRYPTO MARKET OVERVIEW
TOTAL VOLUME IN DEFI
According to data from CoinMarketCap, the total volume in DeFi is currently $5.41 billion, 7.70% of the total crypto market 24-hour volume. The volume of all stable coins is now $63.73 billion, which is 90.61% of the total crypto market 24-hour volume.
And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $61.48 billion, down about 0.1% in the past 24-hours.
TOP CRYPTOS TODAY BY MARKET CAP
The case for Bitcoin price remains to be weaker than the collective broader crypto market cap, from a technical standpoint. Bitcoin price fell a little less than a percentage over the past 24 hours and hence we may see further dips going forward. This is because of the fact that BTC price is below both the 50-day moving average (marked in cyan) and the trendline support (marked in dark blue).
Bitcoin's Relative Strength Index is also pretty weak, running just below the 38 mark and hence, in line with the observation made above, we can see sustained falls happening across the board.
Additional Read: Bitcoin Price Prediction Weekly
ETHEREUM PRICE TODAY
Ethereum, thanks to the highly anticipated Ethereum Merge coming up is less than a month has managed to show some gains in the past 24 hours! While Bitcoin lost a little less than a percent, Ethereum price managed to gain a whole percent, despite the broader bearishness in the market. This is also evident from the table above which depicts Bitcoin losing out some more of its market cap dominance. But later on it fell from there, thanks to bearish pressures from the market and is about a percent in the negative.
All through this bearishness, ETH price has managed to sustain above the 50-day moving average and the trendline support as of writing this piece. Ethereum's stellar performance over the past few weeks has helped ETH price to keep some of its momentum going and helped sustain despite the broader bearishness. So if we see some positive news from the Fed, Ethereum could possibly be one of the biggest and the quickest recovery candidates amongst the biggest cryptos by market cap.
Ripple (XRP) price fell about 1.9% in the past 24-hours and is currently trading at around $0.33 - with a current market cap of $16.05 billion as of writing.
SOLANA (SOL) price fell about 4.5% in the past 24-hours and is currently trading at around $34.47 - with a current market cap of $11.99 billion as of writing.
Dogecoin (DOGE) price fell about 1.7% in the past 24-hours and is currently trading at around $0.067 - with a current market cap of $8.93 billion as of writing.
Polygon (MATIC) price fell about 1.8% in the past 24-hours and is currently trading at around $0.79 - with a current market cap of $6.39 billion as of writing.
ETHEREUM CLASSIC (ETC)
Ethereum Classic (ETC) price fell about 2.6% in the past 24-hours and is currently trading at around $32.6 - with a current market cap of $4.42 billion as of writing.
TOP CRYPTO NEWS TODAY
1. INSTITUTIONAL INVESTORS HODLING ON DESPITE SELLOFF
Despite a massive broader market selloff over the past week, digital asset investment products saw minor outflows of about $9 million last week, according to data from CoinShares Digital Asset Fund Flows. Bitcoin (BTC) saw a third consecutive week of outflows totalling $15 million while Ethereum (ETH) saw a near $3 million in inflows last week.
2. BITCOIN MINERS SELL NEARLY 7X MORE BTC THAN PREVIOUS QUARTER
The second quarter of 2022 was indeed a difficult one for Bitcoin miners in the public domain, with 18 of them having sold 21,342 BTC - according to a report released by crypto consultancy firm BlockBridge Consulting. According to this report, this was 660% more than what they sold in the first quarter of the year and about 150% of their total production in the April-June 2022 quarter.
3. IMF SEES INCREASED CORRELATION BETWEEN CRYPTOS & EQUITIES IN ASIA
In a recent blog post, authored by Anne-Marie Gulde-Wolf, deputy director of IMF’s Asia and Pacific Department, Nada Choueiri, the mission chief for India, and Tara Iyer, an economist in the global financial stability analysis division of the IMF’s Monetary and Financial Markets Department - the correlation between performance of the Asian equity markets and crypto assets such as Bitcoin and Ethereum has increased significantly since the beginning of Covid-19 back in 2020.
Asia’s stock markets are moving more in sync with crypto prices, highlighting the need for regulators to better safeguard financial stability. See our latest #IMFBlog for more. https://t.co/95zZ5EjnIV pic.twitter.com/zlgGNfLER2
— IMF (@IMFNews) August 22, 2022
TOP CRYPTO GAINERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|CURVE DAO (CRV)||$1.11||8%|
|LIDO DAO (LDO)||$2.1||5.8%|
TOP CRYPTO LOSERS TODAY
|COIN||PRICE ($)||% CHANGE (24-HOUR)|
|XDC NETWORK (XDC)||$0.029||-5%|
Prices as of 23rd August, 2022
Additional Read: Bitcoin Price Nosedives below $22000