Thursday, December 8, 2022

Dreadful day for crypto, Convex Finance drops 50% in a week

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Cryptocurrencies have been hit very hard by US inflation data, the war in Ukraine and the ensuing supply crisis, and other adverse events. 

However, June 13 has been beyond painful. To paraphrase CZ: 

Remember how you felt during the ATHs? This is what the other half of the time feels like. Your actions now (not investment advice) define your experience at the next ATHs.  

Top cryptos

Bitcoin was trading below $25,000 at the time of writing, down more than 10% in the last 24 hours. Ethereum dropped by more than 12%. Solana is the biggest loser in the top 10, having shed almost 17% of its value. 

It was much the same for cryptos outside the top 10, the biggest loser being Avalanche with -17%. 

Top movers

Outside the top 20, the tendency was similar, with most coins suffering double digit losses.

Notable standouts include Maker and THORChain with 17%, Fantom with 22%, Curve DAO Token with 20%, and Kava with 18%. Nexo lost a quarter of its value today.  

The biggest losers over the past 7 days are Convex Finance, which shed half of its value, and ApeCoin, down 43%.  

No coins are in the green today. As for the past 7 days, the only coin with gains is UNUS SED LEO at #15. It has added 4% to its value since last Monday.  

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The biggest winner today is United Bitcoin (UBTC), which can be generated through mining. United Bitcoin is up 466% over the last 24 hours. 

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