Crypto market rallying amid Solana outage and OpenSea accusations
MicroStrategy buys more BTC as crypto market bleeding continues
Even previously hot altcoins SOL, LUNA and AVAX are struggling amid a market-wide sell-off.
The cryptocurrency market is starting the week on something of a sour note after a weekend of stagnation and decline. The prices of market leaders BTC and ETH are down 2.4% and 5.6%, respectively — dragging the global cryptocurrency market capitalization down more than 3.5%. Previously hot altcoins SOL, LUNA and AVAX, meanwhile, are all down by nearly 9% or more.
The wider cryptocurrency market pullback has apparently provided MicroStrategy with yet another opportunity to buy the dip. The business intelligence firm announced the purchase of 5,050 BTC for approximately $242.9 million in cash at an average price of roughly $48,099 per coin.
NFT Snapshot: Degen Ape sells for over $1 million
The nonfungible token ecosystem on Solana hit a new milestone late last week after blockchain firm Moonrock Capital purchased a Degenerate Ape Academy NFT for nearly 5,980 SOL — worth over $1.1 million at the time of purchase.
The acquisition of the 13th-rarest Degen Ape is, to date, the most expensive Solana-based NFT purchase and the first worth more than $1 million at the time of purchase.
Top altcoin gainers and losers: SUSHI hit hard
- RNT/USDT +6.29%
- ARDR/USDT +4.48%
- WTC/USDT +3.78%
- SUSHI/USDT -12.49%
- EDEN/USDT -14.54%
- MASK/USDT -16.73%
Winners on OKEx today are few and far between. Sitting just outside of the top-performers list on OKEx — per the exchange's default time settings — is XTZ, which has added a modest 2.55%.
On the flip side, SushiSwap's governance token, SUSHI, has bled 12.5%.
BTC technical analysis: MicroStrategy buys above 41,000 USDT
The price of BTC looks bearish on OKEx after putting in another lower high on the short-term time frames. The market-leading cryptocurrency is currently trading underneath both the four-hour ribbon of exponential moving averages and an area of heavy resistance — but MicroStrategy's latest purchase could bolster buyers above 41,000 USDT.
ETH technical analysis: Dropping after fakeout
The price of ETH against BTC has also put in subsequent lower highs — a bearish development. Not helping matters for the bulls is the four-hour EMA ribbon, which is currently above the ETHBTC price and moving down.
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