Investors still actively inflate the prices of Dogecoin and XRP while DeFi is experiencing a plunge. Wall Street struggles through the worst week since October.
On the weekend, the crypto markets were flooded with significant gains and comparably big losses.
Bitcoin spent the past 24 hours barely moving. As of now, it is just down to just 0.10% after the rally and retreat of its price after Elon Musk changed his Twitter profile description to just “#Bitcoin.”
Ethereum handled slightly worse, falling by 2.3% in the past 24 hours. Still, ETH hodlers can’t complain as the network had spent 28 days straight with a closing price of above $1,000.
However, as the cryptocurrency rankings by market cap are being explored, the losses and gains got bigger. Ripple is up by 31%, after a weekend of supercharged growth that has effectively doubled the price of XRP.
Theories have been piling, some have suggested that it was thanks to Ripple submitting a rebuttal to the SEC, and others argue that it is merely “GameStopped” by a group of investors in Telegram.
However, it wasn’t the only one. Dogecoin, which has been GameStopped by the investors, continued its growth. In the past 24 hours, it is up to 40% as the project became a trending topic in many countries.
However, it is not just growth. Projects like Uniswap have slumped 8.6% after breaking all-time highs last week. Synthetic is now down to 6.6%, as are seven other projects in the top 20.
It is odd to see an almost 50/50 split of gains and losses in the top 20. While some of the growth can be attributed to projects being watched by institutional investors, Cardano, EOS, and Polkadot, others have seen growth because of a return in pump schemes.
Tron is up by 7% because of a mention on the r/wallstreetbets subreddit, with almost 7.7M users, and other projects are being sucked into the investor-tainment cycle. While GameStop and other companies have been reigned in by regulators, there are no stopping people from pumping prices in crypto. It is probably not a good thing.
Significant tech earnings will dominate Wall Street.
It has been a rough week for Wall Street. After the GameStop story dominated the headlines, a significant sell-off has taken place across the markets that drive the Dow, the S&P, and Nasdaq down for their worst weekly performance in three months.
“There are a few things that are driving the sell-off,” Tony Roth, CIO of Wilmington Trust, a financial services provider to big financial institutions. “It doesn’t make a lot of sense for the lowest-quality stocks to take off in this manner,” Roth said, referring to the stocks that surged sharply last week after investors created short squeezes for hedge funds.
It creates a “systemic fear around the markets” as the investors are now wary that their stock of choice can be next in line for communities like r/wallstreetbets.
Thus, many are hoping earnings reports from the likes of Alphabet and Amazon will help the markets resume regularly scheduled programming.
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