Broader crypto markets dropped 0.7% in the past 24 hours, the CoinDesk Market Index (CMI) shows.
Low volatility returned to crypto markets after a sudden move higher earlier this week following ETF decisions.
The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.
Optimism’s native token OP has dropped over 10% in a week, the most among the largest cryptocurrencies, ahead of its unlocking date that will increase the token’s supply.
The software ompany now holds nearly $4.68 billion worth of the largest cryptocurrency by market capitalization.
While bitcoin is currently in a consolidation period, an analysis of past cycles suggests that gains can be expected after 2024’s halving event, one data firm said.
The handouts are part of a token airdrop whose snapshot took place in 2020.
“We still believe that the chances of further declines are higher for now,” one analyst said.
An ex-Alameda employee claims a trader at the firm punched in a wrong decimal which led to bitcoin’s 87% drop on Binance.US in 2021.
“All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the U.S., Switzerland, the U.K. and Japan,” one analyst said.