Market Wrap: Bear Market Guides in Vogue as Bitcoin Drops for Fourth Straight Day

BTC was sliding toward $20,000 on Wednesday, as the Bankless newsletter offers mental health tips for surviving a crypto winter.

AccessTimeIconJun 29, 2022 at 8:35 p.m. UTC
Updated May 11, 2023 at 6:45 p.m. UTC
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Hi, I'm Bradley Keoun, here to take you through the day's crypto market highlights and news.

Bitcoin (BTC) fell for a fourth straight day, just barely holding above the psychologically crucial $20,000 mark.

And so it seems fitting that the decentralized finance (DeFi) newsletter Bankless sent an edition on Wednesday under the title, "7 Mental Health Tips for This Bear Market."

"Unless you're a crypto mega whale hoovering up capitulation plankton, chances are number-go-down for a while," Jem Khawaja wrote in the newsletter.

Among altcoins, Polkadot’s DOT was the biggest loser in the CoinDesk 20, falling 3.7% over the past 24 hours. Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the second biggest overall, fell 3.5%. Dogecoin (DOGE) rose 6%, and shiba inu (SHIB) rallied 3.6%.

In traditional markets, stocks edged lower as top officials at the Federal Reserve and European Central Bank spoke about the economy and inflation at a forum.

The day's highlight came when Fed Chairman Jerome Powell acknowledged that "we now understand better how little we understand about inflation." Consumer prices have been climbing at their fastest pace in four decades.

Latest prices

Bitcoin (BTC): $20,266 −0.2%

Ether (ETH): $1,114 −3.3%

S&P 500 daily close: 3,818.79 −0.1%

Gold: $1,820 per troy ounce +0.1%

Ten-year Treasury yield daily close: 3.09% −0.1


Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

Crypto Derivatives Exchange Bybit to Settle Options Contracts in USDC

By Jimmy He

Crypto derivatives exchange Bybit said it is offering options contract settlement using USD coin (USDC).

The exchange said in a press release that USDC, a stablecoin pegged 1:1 to the U.S. dollar and the second-largest stablecoin by market capitalization, will enable stable prices for the duration of each contract.

Bybit’s choice to use USDC for contracts because of its stability unfolds despite increasing doubts about stablecoins. In May, Terra's UST, then the third-largest stablecoin by market cap, crashed to nearly zero from its dollar peg. Tether (USDT), the largest stablecoin, lost $10 billion in market capitalization the same month when investors started to redeem the tokens.

Amid the general crypto market volatility, USDC is being seen as a more reliable and transparent option, according to analysts.

Altcoin roundup

  • Chainlink protocols go live on Fantom: Two protocols, Keepers and Verifiable Random Function (VRF), will allow developers to deploy more sophisticated DeFi applications on the Fantom network. Read more here.
  • Bybit settles options contracts in USDC: The crypto derivatives exchange will be offering options contract settlement using USD coin. The exchange said in a press release that it would enable stable prices for the duration of each contract. Read more here.
  • Polygon Deploys ‘Avail’: The custom blockchain scaling system allows developers to launch application-specific blockchains on the Polygon network and access blockchain data “off-chain,” meaning they wouldn't need to continually check data from the network for an application deployed on Polygon. Read more here.

Relevant insight

Other markets

Most digital assets in the CoinDesk 20 ended the day higher.

Biggest Gainers

Asset Ticker Returns DACS Sector
Terra LUNA +7.9% Smart Contract Platform

Biggest Losers

Asset Ticker Returns DACS Sector
Shiba Inu SHIB −6.7% Currency
Solana SOL −6.3% Smart Contract Platform
Dogecoin DOGE −6.0% Currency


Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Bradley Keoun

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

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Jimmy is a CoinDesk markets reporter.


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