A day in the red: the 10 largest cryptocurrencies fall and the top 10 drop by an average of 7,78%.
Market data as of 20:55 (peninsular time) on 08/10. Prices change continuously.
The key points of the day
- Bitcoin and Ethereum: BTC 72.700 € (-2,39%), ETH €2.184 (-4,59%).
- What moved the most: Near-Protocol -13,91%, Pump.fun -13,02%.
- The reason for the day: Major cryptocurrencies registered declines overall during the last day.
What has moved the market
High outflows from Bitcoin and Ethereum spot ETFs, along with liquidations and weakness in risk markets. View source View source
Defensive rotation within the crypto market and liquidations of long positions, with increased pressure on altcoins. View source
Solana under pressure due to support break and ETF outflows (crypto.news).
NEAR volatile due to liquidations and ecosystem expansion hedging (TokenPost, crypto.news, U.Today).
Cardano affected by coverage on loss of support and corporate adoption news (crypto.news, Ground News).
Near Protocol (NEAR) falls 13,91%
Near Protocol drops from €4,71 to €4,05 in 24 hours.
- TokenPost reported an intraday drop in NEAR and mentioned over $810.000 in long liquidations in one hour, a direct factor that helps explain the drop.
- There was also coverage that same day on the expansion of NEAR Intents and AI/cross-chain narrative, but that news described increases, not the observed drop.
Cardano (ADA) falls 10,82%
Cardano goes from €0,23 to €0,20 in 24 hours.
- ADA suffered a rejection at the top of a multi-month ascending channel; the news links that technical rejection to a daily drop of 10,13% and points to a possible move towards the bottom of the channel.
- The coverage of the day indicates that ADA lost the $0,24 level and questions the continuation of its upward channel, which fits with the observed drop.
- Another news item mentions the progress of the .ada application at ICANN and an improvement in institutional support with Fireblocks, but that information is more positive than explanatory of the drop.
Sources: Primexbt · Crypto · Grounds
Sui falls 8,33%
Sui goes from €1,00 to €0,92 in 24 hours.
- The report attributes SUI's weakness to profit-taking and selling after a strong previous rise; it also notes that the positive news from the ecosystem was medium-term and had not generated immediate demand for the token.
Sources: CoinMarketCap
Chainlink (LINK) falls 7,38%
Chainlink goes from €11,95 to €11,07 in 24 hours.
Possible factor, unconfirmed:
- A news report identifies specific bearish pressure on LINK due to the break of the neckline of a head and shoulders formation on a four-hour chart, within a market pullback session.
Sources: Wisevoter
Left (LEFT) falls 6,98%
Solana goes from €103,74 to €96,50 in 24 hours.
- CoinMarketCap attributes SOL's decline to a defensive rotation out of altcoins, exacerbated by liquidations of long positions; it estimates nearly $6 million in SOL-related liquidations in one hour.
- The news indicates that SOL lost the $116 support level and that Solana ETFs in the US recorded three consecutive sessions of outflows, which coincides with the price weakness during the window.
- Another report from the same day indicates a bearish break of technical levels and a negative change in money flow, reinforcing selling pressure on SOL.
Sources: CoinMarketCap · Crypto · Grounds
Ethereum (ETH) falls 4,59%
Ethereum drops from €2.289 to €2.184 in 24 hours.
- The news reports outflows of $160 million from Ethereum spot ETFs on October 7 and a drop in ETH during the same session.
Sources: stocktwits
XRP falls 4,47%
XRP drops from €1,27 to €1,22 in 24 hours.
- The report identifies XRP as one of the major cryptocurrencies with the biggest losses during the session, amid selling triggered by rising oil prices, bond yields, and over $400 million in crypto liquidations.
Sources: stocktwits
Bitcoin (BTC) falls 2,39%
Bitcoin drops from €74.482 to €72.700 in 24 hours.
- Net outflows from US spot ETFs reached $487,1 million on October 7, while the article links Bitcoin's pullback to those flows and to the environment of interest rates, oil, and bond yields.
Sources: The block
The rest of the top
Pump.fun (-13,02%) and Litecoin (-5,90%) fell without any news of their own on the window, in line with the general market correction.
Top 10 Prices
| Criptomoneda | Price | 24 h | Operate |
|---|---|---|---|
| Bitcoin BTC | 72.700 € | -2,39% | Operate |
| Ethereum ETH | 2.184 € | -4,59% | Operate |
| Solana SOL | 96,50 € | -6,98% | Operate |
| XRP | 1,22 € | -4,47% | Operate |
| Near-Protocol NEAR | 4,05 € | -13,91% | Operate |
| Cardano ADA | 0,20 € | -10,82% | Operate |
| Sui | 0,92 € | -8,33% | Operate |
| Litecoin LTC | 55,50 € | -5,90% | Operate |
| chainlink LINK | 11,07 € | -7,38% | Operate |
| Pump.fun PUMP | 0,00 € | -13,02% | Operate |
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Generative artificial intelligence tools were used to create this article.
