Crypto Shares Sink. BitMine, DeFi, Bullish Down About 8%; Upexi Down 5%; SBET Down Nearly 4%; Coinbase Down 3%

Tiger Newspress08-18

Crypto shares sank on Monday. BitMine, DeFi, Bullish down about 8%; Upexi down 5%; SBET down nearly 4%; Coinbase down 3%.

Major cryptocurrencies retreated to drag the market’s total value below $4 trillion after it scaled record heights last week.

Bitcoin fell as much as 2.2% to about $115,000 while Ether, the second-largest token, at one point shed more than 4% to dip below $4,300 on Monday. The combined value of all cryptocurrencies sank to $3.9 trillion, according to CoinMarketCap.

The losses come after Bitcoin hit a record $125,514 on August 14, while Ether on the same day pushed to within $100 of its own all-time high set in November 2021. The two leading tokens had been buoyed by a spree of institutional investment led by so-called digital-asset treasury companies — listed vehicles whose purpose is to create stockpiles of cryptocurrency. Michael Saylor’s Strategy, the original crypto hoarder that’s inspired a flood of imitators, has amassed more than $72 billion worth of Bitcoin.

The market “has seen continued profit-taking since a new all-time high printed last week,” said Caroline Mauron, co-founder of Orbit Markets, adding that “the momentum behind the crypto treasury boom appears to be losing steam.”

Metaplanet Inc., the Japanese hotel operator that’s so far accumulated $2.2 billion of Bitcoin, is down around 50% from a mid-June high.

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Comments

1D1GnZ
08-18
1D1GnZ
I used to mine ETH and DOGE at the early stages but by how difficult, expensive, energy, and time consuming it has become it's just not worth it. Unless you own a mining farm or work at the data center with unsupervised bandwidth allocation crypto has lost it's purpose as an independent, universally accessible digital asset. It has moved into the domain of big corporations and data centers now. It won't disappear obviously but high fluctuations are inevitable. If before using a $10K mining rig a privately owned miner could've seen some profit, now the profits are negligent even for the most accessible cryptos like Monero.