POKKET: Crypto Market Update (May 20)
Bitcoin price is -13.3% to $37k while Ethereum is -25.5% to $2500. Largest movers are BZRX -47%, SXP -46%, DODO -43%, CRV SRM -42%, LIT LINA YFII -40%, and rest follow lower. Only one up is TRU +9%.
According to bybit data, yesterday’s selloff triggered $8B in liquidations across all major exchanges. Through the volatility, only FTX was reported to work while Binance, Huobi, Coinbase, Revolut, etc. were all out of commission just when the ‘bottom’ hit on BTC.
$COIN is -7.5% now at $218, -50% from its ATH last month of $430. DeFi hummed along, although high ETH gas fees killed any enthusiasm, and users reported longer wait times when trying to move around funds. Unease about Tether’s ‘stablecoin reserves’ was one catalyst for the selloff, as it coincides with a deadline for Tether to submit new financial records to the NYAG.
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