The price of the price disultivated in Crypto continued on Tuesday, helping to drag Bitcoin (BTC) closer to its lowest level in several months.
In early afternoon negotiation hours, Bitcoin was quoted at $ 93,600, lower by 2% in the last 24 hours and 10% during the past week.
The largest cryptographic market as defined by the COINDESK 20 index decreased 4% in the last 24 hours. Hiting that index was a 16% decrease in Solana (Sol), which feels the pain since the Memecoin market may finally have reached the maximum breakup and/or direct crime during the weekend with the rugpull that involves the president Argentino Javier Millei. Solana has now dropped 35% during the past month and has returned all its electoral profits after Trump.
$ 500K still at stake
Standard Chartred Kendrick Geoff has said previously that he expects Bitcoin Eclipse $ 500,000 when Donald Trump leaves the office.
Looking beyond the lady short -term price action, Kendrick, in a morning note on Tuesday, said that the recent list of 13F presentations regarding the institutional property of the Bitcoin Spot ETF gave him hope.
The type of buyer has evolved from retail trade to coverage funds and now to banks and sovereign, Kendrick said, pointing out an ETF participation of Goldman Sachs and the initial purchase of a Bitcoin ETF by Abu Dhabi.
Kendrick: “In the future, we would wait for more long -term money just to buy Bitcoin and we would expect that Abu Dhabi’s position is the beginning of a much greater participation by Sovereigns.”
Solana Slump
Native tokens of protocols linked to the commercial environment of Solana were not saved either. Decentralized exchanges tokens Raydium (Ray), Jupiter (JUP) registered two -digit losses today, while the Jito Liquid Stagnation Service (JTO) was reduced by 7% lower, with all of them more than 30% from their maximum Fridays.
The Solana ecosystem, which generously benefits as a center for trade and launch and even President Javentina of Argentina. Milei in the hot seat.
Libra was released on Friday and approached the market capitalization of $ 4 billion after Milei’s x publication saying that the project would support small and medium enterprises in the country. The Token lost almost its entire market value, since experts charged $ 100 million and Milei supported their support. Milei now faces fraud charges and a possible accusation, and the co -founder of Dex Meteora based in Solana, Ben Chow, resigned after being involved in the launch of the Token.
“This is the last sordid episode that emanates from the Memecoin de Solana complex,” said Alex Thorn, head of firm research at Galaxy, in a note on Tuesday. The report said the feeling towards Memecoins began to erode since Trump’s Token
If the feeling was not in Rock Bottom, the next sun unlock event that increases the circulating supply of Token injects an additional dose of uncertainty in the markets. The estimates vary in the exact amount of tokens that will be released into circulation, but an analyst of coverage funds predicted that about 15,725 million sun, with a value of approximately $ 2.5 billion at current prices, will be unlocked in the next three months, with many of the tokens from the properties of FTX Estate.
“If there is an unlocking of this scale, it could increase the circulating supply of $ sun and potentially impact market dynamics,” Tokenomista analysts said in an X publication. “The historical examples of unlocking to the large token have often taken To greater volatility of prices.
