The crypto market experienced a downturn as Solana's SOL and Cardano's ADA led losses, dropping 5% in the last 24 hours. Bitcoin, the largest cryptocurrency, lost support at $41,000 early Monday. The CoinDesk 20 index, reflecting top token trades, fell 2.86% in 24 hours. Traders anticipate further declines, possibly reaching $38,000 in the coming weeks, affecting other cryptocurrencies. Grayscale's GBTC bitcoin ETF sales are linked to recent bitcoin pressure, contrasting with inflows seen in newly approved ETFs like BlackRock's IBIT and Fidelity's FBTC, surpassing $1 billion each.
Market Speculation Surrounds Dogecoin and Floki
Meme coins Dogecoin (DOGE) and Floki (FLOKI) surged 12% before retracing, sparked by @xpayments on X (formerly Twitter), fueling adoption hopes. Speculation arises about DOGE's potential use in ads on the social media site. Despite broader crypto volumes remaining relatively lower, both tokens witnessed a 200% increase in trading volumes over the weekend. Futures tracking these tokens saw open interest rise to $430 million, indicating growing bets. However, broader market pressures resulted in over 5% declines in both during European morning hours.
Terraform Labs Files for Bankruptcy
Terraform Labs, the developer behind the failed stablecoin TerraUSD, filed for bankruptcy. Documents reveal assets and liabilities ranging from $100 million to $500 million. The filing aims to allow the company to execute its business plan amid ongoing legal proceedings, including litigation in Singapore and the U.S. Unsecured creditors include TQ Ventures and Standard Crypto, both prominent digital assets investment funds.