Bitcoin, Ethereum, Dogecoin Head For New Lows As, BlockFi Add To FTX Scare — A Bear Market Worse Than 2018?

Bitcoin, Ethereum, Dogecoin Head For New Lows As, BlockFi Add To FTX Scare — A Bear Market Worse Than 2018?

Major coins were trading lower intraday on Sunday evening as the global cryptocurrency market cap slipped 3.9% to $815.4 billion at 8:47 p.m. EST.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -4.6% -22.2% $16,092.70
Ethereum ETH/USD -5.9% -24.55% $1,189.12
Dogecoin DOGE/USD -9.2% -28.45% $0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Trust Wallet Token (TWT) +28.45% $1.87
Axie Infinity (AXS) 13.2% $7.60
Convex Finance (CVX) +9.2% ​​$4.21

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Why It Matters: Bitcoin and Ethereum traded in the red at the time of writing. Bitcoin touched an intraday low of $16,046.53, while Ethereum fell below the $1,200 mark on Sunday.

Democrats are set to maintain control over the Senate after Sen. Catherine Cortez Masto (D-Nev.) defeated her Republican rival former Nevada Attorney General Adam Laxalt on Sunday, reported Reuters.

Risk assets, including equities, traded lower as investors took stock of the mid-term results. S&P 500 and Nasdaq futures were seen in the red at the time of writing.

Cryptocurrency investors are also dealing with the fallout of the FTX crisis. The CEO of the beleaguered exchange was in focus over the weekend as his private plane was tracked to Argentina. 

Meanwhile, in an exclusive interview with Benzinga, Kucoin CEO Johnny Lyu said that "We are actively looking to help and purchase ailing businesses, and we are selecting our future partners." The chief executive didn't mention specifics of the potential acquisitions. 

Lyu also predicated a "not so dramatic" de-coupling of the cryptocurrency and traditional financial markets.

Investor sentiment monitor's "Crypto Fear & Greed Index" flashed "Extreme Fear" at the time of writing. The sentiment has deteriorated over the last week when the Index was at "Fear."

Michaël van de Poppe said it's a "heavy bear market" which is "way heavier than 2018" but "winners are the ones who continue in this bear market."

OANDA Senior Market Analyst Craig Erlam said in a recent note, seen by Benzinga, "The collapse of FTX and the uncertainty it has brought to the industry has been another damaging blow. How damaging it will be will depend on what further details appear in the coming days but right now, prices remain under pressure and vulnerable to further sharp declines."

On Sunday, CEO Kris Marszalek said it "erroneously" transferred $400 million worth of Ethereum to a competing cryptocurrency exchange, unnerving investors further. Just a few days ago, BlockFi suspended withdrawals after FTX collapsed, saying it could no longer operate its business. BlockFi had earlier been bailed out by the Sam Bankman-Fried-led exchange.

After the collapse of FTX, Bitcoin investors have been withdrawing coins to self-custody, according to a tweet from Glassnode, an on-chain analysis firm.

On the macroeconomic front, Federal Reserve Governor Christopher Waller said the U.S. central bank may reckon to slow the pace of rate hikes at its next meeting but that should not be construed as "softening."

Read Next: CEO Says ETH Worth $300M Transferred ‘Erroneously,’ Binance’s CZ Tweets ‘Clear Sign Of Problems’

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