Cryptocurrency space joins global stock markets, returning to monthly lows. Bitcoin dropped as low as $40,000. Amid growing uncertainty in the global financial markets, Bitcoin has dropped several thousand dollars a day to just over $40,000. Altcoin prices yellow have been hurt even more by massive double-digit price drops. But OMG Network and Celo have posted impressive gains since yesterday, gaining 25.99 percent and 18.5 percent, respectively.
Bitcoin and altcoins retreat to local lows
If one had studied the weekend just two days ago, they could have little guessed what has happened in the cryptocurrency market in the last 24 hours. Trading volume was minimal, but BTC rallied above its 11-day high of $48,000. However, as fears of the Evergrande saga mount on Monday, the cryptocurrency has plummeted. It lost several thousand dollars in a matter of hours and fell to $42,500. It initially made the leap and even reclaimed $44,000, but it was short-lived. The bears took back control and this time dropped the asset as low as $40,200 on Bitstamp.
This was the lowest price point since the beginning of August. As of now, Bitcoin has recovered somewhat and is hovering above $43,000. According to Bybt, this increased volatility has led to more than $1.2 billion in liquidations in the past 24 hours. Altcoins followed their leaders to the downside with stronger price drops. Ethereum was among the leaders in this downtrend as it dropped from $3,400 to $2,800, its lowest level since August 6.
The 2 most valuable altcoin projects of the day: OMG and CELO
On the other hand, OMG Network’s OMG token, formerly known as OmiseGo, is up over 25 percent. OMG Network and Enya have recently created and mainstreamed a new Optimistic Rollup called Boba Network. Boba Network aims to provide a faster, cheaper and smoother experience for future Ethereum users. In addition to the public mainnet launch, the OMG Foundation will also launch the new BOBA token to support decentralized management of the network.
The CELO token of the blockchain ecosystem Celo, which focuses on increasing cryptocurrency adoption among smartphone users, gained more than 18.5 percent. Cryptocoin. com
As we reported , a consortium of DeFi organizations announced late last month that it will invest up to $100 million in grants and incentives to raise global awareness of decentralized finance. Celo benefited most from the news, as the Celo platform will be the primary infrastructure of the initiative.