Almost all crypto assets see red on Monday morning, with the total market capitalization for all crypto assets that have fallen less than $ 4 trillion since Sunday evening.
Bitcoin (BTC-USD) 3%dropped. The second largest cryptocurrency, ether (Eth-Usd), 6%dropped. The token of Solana (Sol-usd) drops by 7%. Dogecoin (Doge-usd) and World Liberty Financial (WLF) each fall by 10%.
During Sunday evening, according to data provider Coinglass, a total of $ 1.7 billion in trading positions on the market for cryptents were liquidated.
Of those positions, 94% came from bullish transactions with the largest wisse – out of $ 12.7 million – which took place on Crypto Exchange OKX.
Traders who take Bullish bets have seen more than $ 500 million in liquidations, while those gambling on Bitcoin have seen $ 280 million according to Coinglass.
Crypto-assets sold last week after the properly tiled signal from the Federal Reserve that it would lower its short-term policy percentage by a quarter percent.
Companies with Bitcoin and other digital assets-sided crypto-treasury companies have been dealing with pressure after seeing wild stock stabs earlier this year.
There are now more than 180 public companies that have added Bitcoin to their balance sheets so far, according to data provider Bitcointreasuries.net. Many have been launched in the past year to replicate the major share performance of Michael Saylor's Bitcoin Giant Strategy (MSTR).
The stock of the strategy (MSTR) has fallen 1.3%. The company stacked on a betcoin bet from 2020, using a combination of debts and equity to finance mass purchases of the cryptocurrency that changed the business intelligence -software company into a Bitcoin -Juggernaut. Despite recently lagging behind, the shares have seen an increase of 2,200% since it first started buying Bitcoin.
Of these companies, around 94 are considered imitators of strategy based on their size, business model and how they finance their Bitcoin purchases, according to Vetle Lunde, head of research for Oslo, Norway-based crypto-market research agency K33.
About 25% has market capitalizations that, according to K33 research, have been reduced under the value of their Bitcoin Holdings.
The dynamics led to the first merger in the Bitcoin Treasury room.
On Monday, the share of the health technology company Bitcoin Treasury Company Semler Scientific (SMLR) changed by 27% after the announcement that it had reached an agreement to be taken over by a larger Bitcoin Treasury Company, the Vivek Ramaswamy-Backed Strive Inc. (Asst) via an all-stock merger.
