Mining crypto

Bitcoin and Ethereum Relief Rally Called Off as Crypto Markets Fall

Hopes for a sustained rally in crypto markets were dashed on Wednesday morning, when the more than 5% gains seen yesterday were all but wiped out, bringing the global market capitalization down to US$915 billion.

Bitcoin’s US$20,000 support line did not hold, after contracting nearly 7% to US$18,800.

Ethereum suffered similar losses as it dipped below US$1,300.

Heavier losses were still felt by Ripple (XRP), which suffered a double-digit hit to its now $21 billion market capitalization.

Other major bearers on Wednesday morning included Terra Classic (LUNC), Compound Finance, Neo, and privacy coin Zcash.

In the large-cap network token space, BNB, Cardano, Polygon and Solanna fell 5-7% each, while Polkadot underperformed again.

The few daily risers included Quant Network’s QNT token, whose market capitalization jumped 8% to $1.6 billion, and RSR, the governance token for the stablecoin Reserve.

The total value locked in the decentralized finance (DeFi) space is currently $53.9 billion.

In the news

Alex Mashinsky read the piece and resigned as CEO of Celsius Network.

Mashinsky oversaw one of the most dramatic crashes in crypto history, when the lender went illiquid, trapping billions of dollars in user funds and driving the company into bankruptcy.

“I remain willing and available to continue working with the business and its advisers to achieve its successful reorganization,” he said in a statement.

Chinese Bitcoin mining firm Bitdeer is setting up a US$250 million fund targeting struggling mining companies that have been hit by the recent crypto winter.

The fund aims to buy back assets at a discount, with chief executive Matt Kong telling Bloomberg that “there are opportunities in every cycle.”