US taxpayers dose to Artemis 1 as we write, while funds are also quickly burning in a crypto launchpad fire as the market loses around US$100bn since Friday.
Ground Control, aka the Fed raising interest rates and causing pain, can take the blame for this.
For the latest crypto news, sign up here for free daily newsletters from Stockhead
For risky assets like cryptocurrencies, Fed Chairman Jerome “JPow” Powell’s Jackson Hole speech was received about as well as a Hawaiian vacation Christmas card from the Morrison family.
And what’s more, if Bitcoin history is anything to go by, September could be about to bring exactly zero relief.
That’s because some/many crypto watchers are predicting a brutal SeptemBEAR.
The chart below from crypto futures trading and information platform CoinGlass shows why, actually…
Two out of nine not bad? Maybe a song title for the Bit Out of Hell tracklist.
Looking at daily price action…
Visit Stockhead, where small-cap ASX is big business
Top 10 Summary
With the total crypto market capitalization at $988 billion US and down about 2.2% since Sunday, this is the current state of the top 10 tokens, according to CoinGecko.
As you can see, between the fingers covering your eyes, the crypto market has lost its magic trillion dollar market cap number.
Major layer 1 smart contract platform rivals Ethereum and Cardano are leading the charge down. They both have pretty big events on the very near horizon.
Merging Ethereum with proof of stake, of course, and the Cardano upgrade itself, is the Vasil hard fork, designed to improve performance and scaling capabilities.
Regarding the Fusion, it appears that a school of thought is rapidly building that is shaping up to be a classic short-term news-selling event, even if it is widely seen as a long-term positive transformation for the future of the network and its scalability.
Popular crypto youtubers Hashoshi and ElioTrades and Benjamin Cowen have been theorizing about a post-merger dump, the latter even suggesting it could drop back to around $500.
“Going home” sounds good, but the CryptoQuant analyst is referring to a range of accumulation that ETH seems to reach during each correction. The good news is that, historically, it always bounces off this curve.
Stimulants and tranquilizers: 11–10
Sweeping a market cap range from around $8 billion to around $412 million across the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com).
• Centigrade (CEL), (market capitalization: US$532 million) +47%
• Cash (XEC), (mc: US$963 million) +34%
• Synthetix (SNX), (mc: US$728 million) +8%
• Internet Computer (ICP), (mc: US$1.67 billion) +5%
• Exchange of pancakes (CAKE), (mc: US$558 million) +4%
• Cosmos Center (ATOM), (market cap: US$3 billion) -9%
• EOS (EOS), (mc: US$1.43 billion) -8%
• Avalanche (AVAX), (mc: $5.25 billion) -8%
• Flow (FLOW), (mc: US$1.78 billion) -7%
•Arweave (AR), (mc: US$511 million) -6%
around the blocks
A selection of randomness and relevance that stuck with us on our morning moves through the Crypto Twitterverse…
There has been a bit of a dumping fear related to Mt. Gox that has been ramping up on Crypto Twitter lately. “Cobie” of UpOnly podcast relative fame seems to think any BTC dump in this regard is still several months away…
Meanwhile, NFT fanatic Shaq (also a DJ and former basketball star, apparently) has left the building…and the country…
Mooners and Shakers is sponsored by daxthe world’s first purpose-built crypto wealth platform.
This content first appeared on stockhead.com.au
Get the latest Stockhead news delivered to your inbox for free. Click here
Originally published as Mooners & Shakers: No Soft Landing for Crypto After Big Drop