Crypto Market Review, Aug 9

item picture

Arman Shirinian

Altcoins are losing much of their value in the last 24 hours as positivity fades from the market

Following the surge in positivity yesterday, the cryptocurrency market faced some serious headwinds today as most altcoins and Bitcoin faced a reversal to the values ​​we saw last week. Unfortunately, smaller altcoins are also taking a hit.

Cardano faces criticism

Following a controversial statement made by billionaire Mark Cuban, Cardano lost most of his gains that we saw in the last two days of market trading as the price of the cryptocurrency crashed to $0.5 once again.

A few days ago, the billionaire claimed that Cardano is no better than Dogecoin and that the memecurrency may show higher performance compared to the coin co-founded by Hoskinson once it receives an update that will bring decentralized applications to the network.

advertisements

At the same time, Dogecoin did not receive a significant boost in the market, but at least shows better performance compared to ADA, as DOGE broke out of the chart pattern we highlighted earlier.

Positivity around Ethereum fades

Ethereum was another victim of the market correction, as the second largest cryptocurrency has lost more than $100 of its price in the last 24 hours. The main reason is the lack of fundamental drivers that would help ETH break out of the consolidation range.

Ethereum chart
Source: TradingView

The long-term picture for Ethereum still looks good considering the upsides the Merge update will bring, including a massive issuance reduction from 4.3% to 0.4%, which will directly affect the selling pressure in the market.

Previously on U.Today, we covered how Ethereum will face a “triple halving” after the network upgrade rollout. With the merger, at least three mechanisms will affect the circulating supply in space: the burn mechanism, coins locked in stack contracts, and the massive decrease in issuance.

Happenings in the crypto industry

The biggest news today was the banning of the notorious Tornado Cash coin-mixing solution, which was widely used by crypto scammers and hackers to avoid prosecution for stealing user funds.

The website was sanctioned by the US Treasury Department, which added a variety of associated cryptocurrency addresses to its blacklist. From this point on, addresses that interact with the solution will be flagged and banned from trading funds on legal centralized cryptocurrency exchanges.

As for the effect on the market, it is most likely that a large volume of ETH and other cryptocurrencies will remain within the direction of the Tornado Cash contract and never see the market, since its realization would be complicated.

Leave a Comment