Altcoins
Germany Moves 750 BTC, Altcoins Lose Liquidity
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Latest cryptocurrency prices. (CoinDesk)
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Bitcoin, after a brief surge above $62,000 at the start of the Asian session, fell to $61,400. The price dropped amid significant on-chain activity in the German government’s BTC holdings. According to blockchain investigator LookonchainThe eurozone’s largest economy has moved 750 BTC, worth over $46 million, sending 250 BTC to cryptocurrency exchanges Bitstamp and Kraken, an indication that the country may be preparing to sell the tokens. The move, part of a divestment of BTC seized from a privacy website, has added bearish pressure to the market. The government holds over 45,000 BTC. Ether followed bitcoin’s lead, falling from $3,425 to $3,375, while the CoinDesk 20 Index (CD20) also fell, losing about 0.14%.
Alternative cryptocurrencies have recently experienced a greater liquidity drain than Bitcoin and Ether. For example, notional open interest, or the dollar value locked in active futures contracts, tied to altcoins has declined 34% to $12 billion since BTC peaked above $70,000 on June 7. according to data source Coinalyze. That compares with a 13% decline in cumulative open interest in bitcoin and ether futures to $29.3 billion. “This one-way flow quickly turns into a bearish reflex and exacerbates underperformance versus the majors. Demand-side liquidity is less incentivized and traders are hesitant to catch a falling knife. Add fewer market makers and a huge increase in coin issuance and you “We have a very volatile altcoin market,” Jeff Dorman, chief investment officer at Arca, he wrote in the weekly note.
The Cardano blockchain has proven its resilience successfully reject a DDoS (Distributed Denial of Service) attack aimed at stealing staked tokens on Tuesday. The attack was foiled without any disruption to network operations. In a DDoS attack, a large number of compromised computers, known as “bots” or “zombies,” flood a target with excessive traffic, causing it to become overloaded and inaccessible. Philip Disarro, founder of Cardano development firm Anastasia, said the attack could be stopped by deregistering the staking credentials used by the attacker. The attack was stopped shortly after his post. Cardano’s ADA token remained stable before falling slightly at less than 39 cents in line with broader market sentiment.
Chart of the day
The price collapse of Doraemon. (Dex Skimmer)
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The chart shows that the Doraemon meme coin (DORAE) went on a boom-and-bust pattern Wednesday morning, rising to over $2 million in market value before collapsing to under $200,000 in 30 minutes.
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Lookonchain said that someone sold 2.5 million DORAE for 10,538 SOL, causing the price to crash.
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Source: Dexscreener
The story continues
-Omkar Godbole