Bitcoin futures data shows retail is cautious now despite long-term optimism
Crypto market continues pullback after Mark Cuban loses on TITAN collapse
The billionaire Dallas Mavericks owner has called for stablecoin regulation after the price of TITAN fell to zero.
The cryptocurrency market continues to recede after a slight recovery at the beginning of the week. The price of BTC and ETH are both down more than 4%, dragging the total cryptocurrency market capitalization down 3.6% to $1.62 trillion. Many major altcoins are also seeing losses around 4%, with DOT losing nearly 7.5%.
Today's market-wide decline comes after billionaire Dallas Mavericks owner Mark Cuban revealed that he "got hit" when Iron Finance's TITAN token crashed to $0 — after which he claimed the space needs more regulation. “There should be regulation to define what a stablecoin is and what collateralization is acceptable," Cuban told Bloomberg. "Should we require $1 in U.S. currency for every dollar, or define acceptable collateralization options, like U.S. treasuries?” Cuban had previously disclosed his investment in TITAN, which may have prompted some of his followers to join in the failed project.
The pullback has also made the cryptocurrency market slightly more fearful than it was yesterday, though enough to change alternative.me's Bitcoin Fear & Greed Index to "Extreme Fear."
DeFi falls below $55 billion as SushiSwap continues to lose
The decentralized finance market has plunged alongside the price of ETH and the wider cryptocurrency market. The total value locked in DeFi is currently under $55 billion after failing to hold the $60 billion mark. Market powerhouse Maker has seen the worst loss among major protocols, having shaved more than 6.5% off its TVL.
In line with the general trend for decentralized exchanges, SushiSwap has lost more TVL than its primary competitors. The third-ranked DEX has lost more than 3%, while second-ranked Uniswap has only lost 1.28%.
Top altcoin gainers and losers: SHIB hit hard for second day in a row
- MIR/USDT +25.07%
- LAT/USDT +12.22%
- ZKS/USDK +9.21%
- XUC/USDT -7.15%
- SUN/USDT -8.14%
- TMTG/USDT -9.26%
HBAR and LUNA stand out as the top-performing altcoins with market capitalizations over $1 billion on OKEx after both saw modest increases above 3%. On the other side, SHIB is the worst-performing major altcoin for the second day in a row after losing nearly 5%.
BTC technical analysis: Struggling to overcome 40,000 USDT
The price of BTC is still struggling to overcome resistance around the 40,000 USDT level and is currently trading at the bottom of the ribbon of exponential moving averages on the four-hour time frame. With the weekend coming up — where trading volumes are generally lower — traders are left wondering where the price of the foremost cryptocurrency will go in the immediate future. In the bigger picture, however, the support area above 30,000 USDT looks like it may continue to provide a floor.
ETH technical analysis: Selling pressure above
The price of ETH is reaching the apex of a descending wedge formation against BTC — a pattern that frequently resolves with an upward breakout. However, the four-hour EMA ribbon is providing heavy resistance and will prove difficult for the bulls to chew through.
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