Thursday, December 8

Global crypto markets took a 2% hit today as contagion fears continued spreading to more platforms, including the Winklevoss Twin-owned Gemini exchange.

Bitcoin fell back half a percent to US$16,550 after failing to overcome bearish resistance, raising the possibility of a retraction to US$16,450 support levels in the coming sessions.

 
A fresh low for bitcoin (BTC), or bullish support on the way? – Source: currency.com

Ethereum cut a similar path, having been sent back to US$1,200 after failing to reach key resistance levels.

Further retracement could see ether fall to US$1,100.


It’s red across the board in the large-cap altcoin space, with Cardano (ADA), Polygon (MATIC), BNB and Polkadot (DOT) encountering low-to-mid single-digital losses.

Ripple (XRP) fared slightly better, while the embattled Solana (SOL) blockchain managed to stave off any further losses to its US$5.2bn market capitalisation.

Once again, Trust Wallet Token (TWT) was the top riser with a 20% rally bringing its market cap above US$900mln.

Other strong performers this morning included decentralised staking protocol Lido, Chain’s XCN token, and somewhat surprisingly, the recently launched Aptos blockchain’s APT token, which has struggled following a bungled launch and exposure to the collapsed FTX digital asset exchange.

CRV, the native token of decentralised stablecoin exchange Curve, was Thursday’s worst performer, having dipped over 7%.

Total market cap across the entire crypto space currently stands at US$830bn while total value locked across all decentralised finance (DeFi) protocol is US$42.9bn.

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