MATIC, TRX and Monero Among Biggest Losers as Bitcoin Touches $20K

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Tomi­wabold Olajide

Poly­gon (MATIC), Tron (TRX) and Mon­ero (XMR) post­ed larg­er loss­es com­pared to oth­er altcoins

Bit­coin fell to an 18-month low of $20,079 on June 15, amid weak macro­eco­nom­ic sen­ti­ment and the risk of con­ta­gion from with­in the cryp­to mar­ket. Ether, the sec­ond largest cryp­to by mar­ket cap, suf­fered even greater loss­es than Bit­coin, trad­ing down 10.49% at $1,069.

Mean­while, Bit­coin trad­ed down 8.21%, save for sta­ble­coins, Algo­rand and Basic Atten­tion Token, which were up 2.45% and 8.55% at a time, while cryp­tocur­ren­cies such as Poly­gon (MATIC), Tron (TRX) and Mon­ero (XMR) post­ed larg­er loss­es com­pared to oth­er alt­coins in the last 24 hours, per Coin­Mar­ket­Cap data.

The news that cryp­to lender Cel­sius had halt­ed all with­drawals due to “extreme mar­ket con­di­tions” raised wor­ries about the fir­m’s finan­cial sta­bil­i­ty and cre­at­ed sys­temic risks on the cryp­to market.

As report­ed by U.Today, Three Arrows faced at least $400 mil­lion in liq­ui­da­tions this morn­ing and tried to low­er its col­lat­er­al lev­els by sell­ing key posi­tions. Bit­coin’s slump accel­er­at­ed, with the cryp­tocur­ren­cy drop­ping near $20,000 for the eighth day in a row and los­ing 32.17% in the last week.

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Mean­while, the cryp­to mar­ket has been plagued by neg­a­tive sen­ti­ment, with exchange giant Coin­base announc­ing lay­offs of over 20% of its work­ers, or 1,100 posi­tions. Binance and Krak­en, on the oth­er hand, have declared 2,000 and 500 open posi­tions, respectively.

TRON battles pressure

Tron DAO is present­ly bat­tling to save its ecosys­tem fol­low­ing indi­ca­tions of the USDD sta­ble­coin de-peg. At the time of writ­ing, Tron’s USDD sta­ble­coin was trad­ing at a dis­count of $0.97. USDD, an algo­rith­mic sta­ble­coin, is meant to main­tain par­i­ty with the dollar.

To defend its ecosys­tem, TRON stat­ed that it was with­draw­ing 2.5 bil­lion TRX from Binance. TRON DAO reserve has shared five dif­fer­ent trans­ac­tions from WhaleAl­ert with this in mind.

The first two trans­ac­tions are those of 339,999,999 TRX and 499,999,999 TRX trans­ferred from Binance to an unknown wal­let. Oth­er sub­se­quent with­drawals of 948 mil­lion TRX, 300 mil­lion TRX and 301 mil­lion TRX from Binance were report­ed. The TRON DAO reserve also report­ed the trans­fer of 120 mil­lion USDC from Tron to Binance to pur­chase TRX. TRX is cur­rent­ly down 15% to $0.051.



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