Crypto roundup: ETH bleeds below $2K, AUDIO pumps
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The Bank of England’s latest research might suggest the crypto market is volatile (and it frequently is), but the past 24 hours has seen a boringly slow bleed on the whole.
Nothing to get too excited about. A minor flesh wound, really, with the overall market cap down 1.5% to a shade under US$1.4 trillion. A reddish shade.
Despite Binance copping another slap to the face with a regulatory wet fish, Binance Coin (BNB) is only down a couple of per cent on the day, trading at US$312 at UK press time. It’s the sort of 24-hour loss that might cause a quivering bottom lip in traditional markets, but this is crypto.
Big dog Bitcoin (BTC) is currently down 1.85%, still in its now familiar range between $32K and $35K, changing hands at $32,688. It was sitting slightly below the 50-week EMA (exponential moving average) at the time of writing. This is a charting support line that BTC has managed to hold for several weeks, although there’s plenty of time in the week to creep back above it again.
Slightly smaller big dog Ethereum (ETH) is faring a bit worse over the past 24 hours, down 3.8% at time of writing and dipping below $2000 for the first time since June 28.
As reported in our previous roundup, the NFT play-to-earn token Axie Infinity (AXS) is still looking strong. It was taking a bit of a breather just now after reaching an all time high of $21.40, up 21.5% from this time yesterday.
Another notable project having a good day price wise, and in fact a good week, is the popular decentralised music platform Audius (AUDIO), ranked 147 on CoinGecko with a market cap of US$284 million. At about 3am Sydney time, it was up 30% on the day at US$1.24 (yet still down 75% from its all time high).
Synthetix (SNX), on the other hand, has had a bit of a sell-off after some decent price action earlier in the week. Down 8.8% in the past day, it’s dropped more than a dollar and was sitting around the US$11.40 mark at
beer press time.