The top cryptocurrency suffered its second straight weekly close under the Ichimoku Cloud support and the psychological level of $40,000.
“If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another.
Solana, the second-largest smart contract platform by market valuation, suffered yet another outage over the weekend, its seventh of 2022, as the flood of inbound transactions, representing 100 gigabits of data per second, knocked out validators.
Ethereum’s transaction fees went through the roof due to the high demand for the highly anticipated virtual land sale related to Yuga Labs’ metaverse project.
Members of the Ape community buying APE token for the land sale and other speculators drove APE from $10-ish to ~$28,” CK Cheung, investor at DeFiance Capital, said in a Telegram chat.
Elsewhere in the crypto market, fears of liquidations posing a systemic risk to decentralized finance and the broader market gripped investors after a well-known Fantom whale called Roosh faced liquidations worth $50 million.
In a tweet thread, pseudonymous degen crypto farmer Tux, said whale liquidations can lead to death spirals where all loans face forced closures.
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