Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
A brutal Friday selloff turned into a weekend bounce.
Bitcoin sliced below $86K and then fell below $81k before stabilizing.
At one point, the market saw more than $1.7B in liquidations, one of the biggest wipes of the year.
Then it flipped.
Through late Saturday and into Sunday, bids started reappearing.
BTC crawled back above $87K, ETH stabilized, and even the hardest-hit alts posted green.
As the dust settles this morning, here are current prices and their 30-day percent change.
Bitcoin at $86,000 (-23% on the month)
One of the worst months since 2022. And as the dust settles, the overall crypto market cap now sits below $3T – down $1.3T in the past 7 weeks.
Friday was the kind of wipeout that shakes people out of the market.
But there are some reasons for optimism:
Most importantly, the weekend bounce proved there’s still plenty of real demand waiting for discounts.
That doesn’t mean the volatility is over. Far from it.
But there are several indicators and metrics showing that Bitcoin and broader crypto are more oversold right now than they have been since the most extreme bear market conditions.
This week will be telling. If prices stabilize, it will be sighs of relief for most. But if the selling starts again, it will become more clear that a real bear market may be in the crosshairs.
Here’s a rundown of major token, protocol and airdrop news from the day:
Here is the list of other notable headlines from the day in NFTs:
