Monday saw a steep drop in the cryptocurrency market as Bitcoin fell below $41,000 and Ethereum below $2,200, following a two-month rally. According to CoinGlass, Bitcoin is trading at $40,758, a 7% dip from the previous day, and 5% higher than the start of the month. Ethereum is trading at $2,185, a 7% decrease from yesterday, but 7% higher than the beginning of the month.
The total crypto market capitalization has dropped 6% to $1.6 trillion, compared to the $1 trillion it has held for much of the year. Altcoins have also been affected by the dip, with ORDI (ORDI) down 14% and Pepecoin (PEPE) dropping 13%.
However, CoinShares has reported that institutional investors have been showing interest in Solana (SOL) and Avalanche (AVAX), with $5 million in deposits for exchange-traded products that track the two coins. Immutable (IMX) has seen a 10% gain, despite most gaming tokens taking a hit.
Binance USD (BUSD) has been in a state of flux, with the token dropping as low as $0.97 before returning to its dollar peg. This is due to a Wells Notice sent by the SEC to New York-based firm Paxos, who used to mint and redeem BUSD tokens on behalf of Binance. Users will be able to continue redeeming tokens until February 2024, and any tokens not redeemed will be converted to FDUSD, a stablecoin issued by FD121 Ltd.
Edited by Andrew Hayward
