Crypto is recovering after a sharp drop this morning, although dozens of tokens are still down by double digits.

Bitcoin fell from $43,800 at 8.40am AEST to as low as US$40,213 at 10.21am, before bouncing back to recover most of those losses.

Bitcoin
Bitcoin trading on Coinbase for the past 10 days.

At 2.50pm, BTC was changing hands for US$42,481, down 7.0 per cent from 24 hours ago.

Ethereum slid to a month and a half low of US$2,807 on Binance around the same time as Bitcoin’s dip.

At 3.03pm, Ether was changing hands for US$2,987, down 6.8 per cent from yesterday.

The overall crypto market was down 6.8 per cent to US$1.88 trillion, according to Coinmarketcap. It had slid to as low as $1.8 trillion, its lowest level since August 13.

crypto market
Coingecko

Osmosis was the biggest loser in the top 100, falling 20 per cent from yesterday. It’s a decentralised exchange built on Cosmos, which was the next-biggest loser, falling 18.9 per cent to US$34.51.

Near Protocol, Avalanche, THORChain and Fantom were all down between 19 and 15 per cent.

 

OMG soars on Boba launch

OMG Network was a big outlier among the top 100, rising 21.5 per cent to a fourth month high of US$10.97 as an Ethereum scaling solution it is working on launched its public mainnet.

Boba Network is a layer 2 optimistic rollup similar to Arbitrum and Optimism, but the platform’s website promises that users will be able to withdraw their funds back to layer 1 Ethereum in just minutes. Arbitrum and Optimism both hold user funds for a week as a security measure, to prevent double-spending.

OMG is working on Boba in conjunction with Enya, a company made up of Stanford University faculty and alumni.

Meanwhile, MC Hammer — yes, the rapper behind the monster 1990 hit “U Can’t Touch This” — has tweeted about Optimism, posting the platform’s Medium article from a few days ago about how it will offer mainnet projects one-click layer 2 deployments next month.

Getting back to the market – was the other gainers in the top 100 were Celo, which rose 16.9 per cent to a month and a half high of US$7.13, and Helium, which edged marginally higher.

A crypto platform aimed at mobile phone users,  Celo last week launched its Optics bridge connecting the platform with Ethereum and Polygon.

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