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Aptos Leads Losses as Crypto Weakness Continues; Coinbase Shares Fall to 7-Month Lows

Sep 4, 2024

In the world of finance, it appears that the crypto market has taken a turn for the worse as recession fears loom large over risk assets ahead of Friday’s key jobs data report.

Cryptocurrencies persisted in their downturn, with a sense of pessimism pervading the crypto market due to increasing apprehension about economic slowdown, just prior to the crucial jobs report release on Friday

At one point on Thursday, Bitcoin (BTC) experienced a drop of over 4%, subsequently recovering to reach approximately $56,500 at the time of press, marking a decrease of around 2.2% over the preceding 24 hours. Ethereum‘s Ether (ETH) saw a decline of over 4%, currently trading below $2,400. The broader CoinDesk 20 Index fell by more than 3%. In contrast, Dogecoin (DOGE), Cardano (ADA) and Litecoin (LTC) demonstrated better performance
The native cryptocurrency of layer-1 blockchain Aptos (APT), experienced a 7% decline, making it the largest loser among the CoinDesk 20 group, due to an impending token unlock event that has been affecting its price. Approximately $65 million worth of tokens, representing 2.3% of the current supply, are set to be released into circulation next week, and this includes early investors according to Token.Unlocks data

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Stocks specializing in cryptocurrency also saw a downturn. The renowned crypto exchange, Coinbase (COIN), dropped by 1%, momentarily falling below $160 for the first time since February. This dip took it below the lows reached during the early August crash due to the Japanese yen carry trade unwind. Bitcoin miners Marathon (MARA) and Riot Platforms (RIOT) experienced losses, with MARA decreasing by 4% and RIOT falling by 2%

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2024-09-05 22:16