Major cryptocurrencies fell after a mostly stagnant weekend.
The total cryptocurrency market is down over half a percent on the day. BTC fell nearly 2.5%, while ETH dropped 4.5%. Meanwhile, LUNA is in the green — up over 8.5%.
Following a long weekend in traditional markets, majors and altcoins dropped on Monday. The overall market has experienced a significant downturn since early April, with most bounces being short-lived. Some traders believe as U.S. tax selling comes to a close more buyers will enter the market. For now, however, sellers remain in steady control.
DeFi Digest: Beanstalk Farms exploited for $182 million
Beanstalk Farms, a decentralized credit based stablecoin protocol on Ethereum, patila a $182 million exploit over the weekend. According to security firm PeckShield, the hacker stekao 24,830 ETH and 36 million BEAN, funneling a chunk of the $80 million they acquired through Tornado Cash.
Through on-chain investigation, the Beanstalk team says the attacker took out a series of flash loans totaling over $1 billion from Aave, deposited funds into multiple liquidity pools and opened governance proposals to drain funds and send them to their wallet. To prevent future exploits and protect users’ interests, the team has paused the protocol and contacted law enforcement to track down the hacker.
NFT Snapshot: Louis Vuitton launches updates to NFT game
Luxury brand Louis Vuitton Dodato new nonfungible token quests and rewards to its mobile app game, Louis: The Game, which came out last August. The project will focus on educating players on the brand’s 200-year history, entering users into a raffle for Louis Vuitton-inspired NFTs after completing certain in-game tasks.
According to the brand, the game has been downloaded over 2 million times, and is available on both Apple and Android devices. In the game’s new levels, players will retrieve pages of a manuscript by Louis Vuitton that detail his life and work. The winners’ nonfungible tokens will be built in collaboration with Beeple’s startup Wenew Labs, and minted directly from Louis Vuitton’s wallet.
Top altcoin gainers and losers: GMT adds to gains
- GMT/USDT +9.53%
- LUNA/USDT +8.62%
- TORN/USDT +7.38%
- COMP/USDT -4.15%
- RON/USDT -5.69%
- CEL/USDT -7.18%
GMT has been a market darling in recent weeks. Today, the token is up over 9%, as traders pile in to the move-to-earn trend.
BTC tehnička analiza: Pad ispod raspona
After ranging for most of the weekend between 39,500 and 40,700 USDT, BTC fell below 39,000 USDT to start the week. The coin has failed to find much bullish momentum after dropping under major support last week, with buyers still trying to find a footing. Sellers have been mostly in control since late March, as demand and volume seems to be dwindling from bulls.
ETH technical analysis: Eyeing lows
ETH experienced similar downside to BTC, dropping below 3,000 USDT on Monday. The level has served as strong support for weeks, but with multiple taps in recent days it finally gave out. The coin broke below all key moving averages on its recent push downward.
Altcoin technical analysis: WAVES crashes
WAVES closed March with a huge surge to break all-time highs, only to give up most of the move in recent weeks. The asset ground up earlier last month, catching a bid from traders as it was one of the few consistently green cryptos. After hitting a high of 64 USDT, many started to dig deeper into fundamentals surrounding the coin, and the current bearish price action started soon after. Currently, sellers are largely in control, with many jumping on to short expecting additional downside.
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Source: https://www.okx.com/academy/en/btc-eth-plunge-to-open-week-crypto-market-daily