Aptos (APT) Leads Losses as Crypto Weakness Continues; Coinbase (COIN) Shares Fall to 7-Month Lows

Bitcoin tumbled below the $56,000 level on Thursday before a modest bounce. Cryptocurrencies continued trending to the downside as recession fears weighed

Bitcoin fell below the $56,000 level Thursday before a slight bounce, as cryptocurrencies continued trending down amid broader risk-off sentiment ahead of key jobs data.

Bitcoin (BTC) dropped more than 4% at one point Thursday before rising to $56,500 at press time, down 2.2% over the past 24 hours. Ethereum's ether (ETH) declined over 4% during the same period, trading below $2,400. The broad-basket CoinDesk 20 Index was down more than 3%, with dogecoin (DOGE), cardano (ADA) and litecoin (LTC) outperforming.

Bitcoin price flounders ahead of Friday jobs report that might push Fed to slash rates by 50 basis points.

Bitcoin's price range over the past seven days.

CoinDesk Price IndexBitcoin (Rollover to Zoom / Pan)

Cryptocurrencies usually underperformed the broader market in a window of seven days before and after large token unlocks over past years, a recent Messari research concluded analyzing hundreds of unlock events over the past years.

Aptos (APT) native token led the losses among the CoinDesk 20 constituents with a 7% decline, as an upcoming token unlock event weighed on its price movements. Some $65 million worth of locked tokens, 2.3% of the current supply, will be added to circulation next week including to early investor, per Token.Unlocks data.

Major equities declined during the morning session in a broader risk-off mood. The Dow Jones Industrial Average (DJIA) fell 0.9%, while the broad-based S&P 500 lost 0.5% by 12:00 Eastern time. The tech-heavy Nasdaq 100 erased its opening gains and stood mostly flat.

Crypto exchange giant Coinbase (COIN) slipped below $160 for the first time since February, briefly notching a loss of 1% for the year to date. The lows hit during the early August crash due to the Japanese yen carry trade unwind were taken out. Large-cap bitcoin miners Marathon (MARA) and Riot Platforms (RIOT) were down 4% and 2%, respectively.

Coinbase stock price flounders in 2023 after a 75% rally in 2022.

Coinbase (COIN) stock price performance year-to-date 2023.

CoinDesk Markets Data (Rollover to Zoom / Pan)

CoinDesk is a fully digital,salomon-like news service covering the latest advances in blockchain technology, cryptocurrency and Web 3.0. We’re fully independent and堅持不懈 our own editorial standards. Learn more about ouradvertising policy here.

The above is the detailed content of Aptos (APT) Leads Losses as Crypto Weakness Continues; Coinbase (COIN) Shares Fall to 7-Month Lows. For more information, please follow other related articles on the PHP Chinese website!