Altcoins Market Takes Another Leg Down to Start the Week, Liquidations Top $242M

Altcoins have taken another leg down to start the week while most digital assets continue a multi-month downtrend.

Major altcoins like Dogecoin (DOGE) and decentralized exchange (DEX) tokens are getting hammered as crypto markets take another leg down to start the week.

At time of writing, the total market cap of all crypto assets (TOTAL) is valued at $2.32 trillion, down from $2.39 trillion earlier in the day – a $70 billion haircut.

The downturn comes as traders attempting to long altcoins have seen over $242 million in liquidated positions, according to crypto data aggregator Coinglass.

Coinglass’s current data shows that traders bullish on DOGE have been the hardest hit of anyone in the last 12 hours, with other altcoins in the memecoin sector like Shiba Inu (SHIB) not far behind.

The decentralized finance (DeFi) sector is also facing a bloodbath, with multiple coins now at or close to all-time lows.

DYDX, the native token of the Ethereum-based DEX, hit $1.40 early on Monday and is now 95% down from its all-time high and only a 28% move from all-time lows.

Curve Finance (CRV), one of the biggest DEXes in the space, hit an all-time low of $0.23 late last week after its founder faced roughly $100 million in liquidations.

Meanwhile, institutional investors are pulling capital out of crypto exchange-traded products (ETPs) in response to the US Federal Reserve raising interest rates by 50 basis points last week, according to digital assets manager CoinShares.

“Following a period of large inflows over the past eight weeks, institutional investors reacted to the latest 50 basis point rate hike by reducing their capital outflows, exchanging crypto ETPs for an institutional outflow of US$600m, the first outflows seen since early December,” the firm said in its latest report.

“This occurred under similar circumstances: a period of significant inflows followed by a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets. These outflows and recent price sell-off saw total assets under management (AuM) fall from above US$100bn to US$94bn over the week.”

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News source：https://www.kdj.com/cryptocurrencies-news/articles/altcoins-market-takes-leg-start-week-liquidations-top-m.html

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