The crypto industry might be better off long-term if such major initiatives as Grayscale’s Bitcoin Trust and Solana wound down; bitcoin fell and other cryptos dove deeply into the red, though BTC held 16K support. TheSamReynolds and JPRubin23 report
By James Rubin
Bitcoin was recently down 2.8% over the past 24 hours , although it managed to hold snugly well above its most recent $16,000 support for a 12th consecutive day. Last week, the largest cryptocurrency by market capitalization weathered the cascade of misadventures tied to crypto exchange FTX's collapse, although Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote in an email to CoinDesk that investors should gird themselves for a rocky week ahead.
Ether was recently trading hands below its most recent $1,200 support and was down over 6% from Saturday, same time. The second largest crypto in market value has plummeted almost 10% from its high of $1,275 last week. Other major cryptos dove deeply into the red with sports fan coin CHZ plunging more than 14%. CHZ and fan tokens for national soccer teams had been on an upswing recently amid euphoria for the World Cup, which kicked off Sunday with Ecuador defeating the host nation Qatar.
Crypto prices veered from equity markets, an increasing occurrence in recent weeks as the major indexes each closed slightly higher on Friday two days after the Commerce Department's monthly retail report showed surprisingly resilient consumer spending. The tech-heavy Nasdaq was up 0.01%, while the S&P 500, which has a strong tech component, and the Dow Jones Industrial Average climbed 0.48% and 0.59%, respectively.
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