The latest price moves in crypto markets in context for August 21, 2023.
flat over the weekend, with alternative tokens showing muted price movement as markets seemed to stabilize following one of the largest liquidation events in recent months.
Bitcoin remained steady at around $26,000 with ether little changed from Sunday’s $1,670. “So long as bitcoin continues to hold above $25,000 on a weekly close basis, we suspect we will see renewed demand and a push back to the topside in the days ahead,” crypto exchange LMAX Digital said in a morning note. “If this happens, ether and the rest of the crypto space should follow along.
The move comes as ether, the second-largest cryptocurrency by market capitalization, suffered a 10% decline over the last seven days, amid a broad market downturn that saw traders witness $1 billion in liquidations. On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker lookonchain. RAI is a non-pegged stablecoin backed by ETH. It is not clear why the Ethereum co-founder transferred the ether to Coinbase.
The cost of the new investments has been funded in part by miners selling coins in recent quarters, the report said. Some bitcoin mining firms have rebranded to reflect the diversification, with Hive Blockchain Technologies becoming Hive Digital Technologies, and Riot Blockchain changing its name to Riot Platforms.The chart shows ether call-put skews, which measure the cost of calls relative to puts.contracts offering protection against price drops.
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