Altcoins Slump Following Bitcoin Weakness; Over $100M Liquidated

• Bitcoin fell Thursday due to multiple catalysts that caused selling pressure.
• Tokens of major blockchains such as solana (SOL) and matic (MATIC) dropped 6% while Uniswap’s UNI and Avalanche’s AVAX fell 4%.
• AI-focused tokens The Graph (GRT) and SingularityAI (AGIX) fell 8%, while gaming-focused ImmutableX (IMX) dropped over 12%.

Crypto Markets See Slide Amid Bitcoin Weakness

Bitcoin dumped Thursday on the back of multiple catalysts that contributed to selling pressure, which in turn pushed alternative currencies lower. Tokens of some of the largest blockchains like Solana (SOL), Matic (MATIC), Uniswap’s UNI, and Avalanche’s AVAX all saw drops ranging from 4 – 6%. Meanwhile, Artificial Intelligence-focused tokens The Graph (GRT) and SingularityAI (AGIX) were down 8%, with gaming-focused ImmutableX (IMX) dropping over 12%.

Catalysts Behind Selloff

The selloff was caused by a number factors. Crypto-friendly Silvergate Bank announced it would be „voluntarily liquidating“ its assets and winding down operations of its holding company Silvergate Capital Corp. Additionally, U.S. banking giant JPMorgan ended its banking relationship with Gemini exchange. As a result, over $100 million in liquidations occurred within the last 24 hours according to Coingape analytics tool Coing.

Toncoin Sees Rise Despite Downturn

Despite the downturn in crypto markets, Toncoin bucked the trend with a 6% rise over the past 24 hours without any clear catalysts behind it. Shiba Inu also rose 2.2%, potentially due to the upcoming beta launch of Shibarium – its native blockchain.

CoinDesk Market Index Slides 1.2%

The CoinDesk Market Index (CMI), which measures the market capitalization-weighted performance of crypto markets, saw a 1.2% decline overall as prices dropped across most major coins including BTC (-8%), ETH (-9%), BNB (-4%), XRP (-5%), and APT (-4%).


­ ­ ­ ­ ­ ­ ­ ­ Overall, market sentiment appears bearish as weak bitcoin prices have led to token losses across multiple blockchains despite several standout performances from Toncoin and Shiba Inu among others