Fartcoin (FARTCOIN), OKB (OKB), and Curve DAO (CRV) emerge as frontrunners in the declining market trend, with double-digit losses over the last 24 hours. The cryptocurrency market has incurred $935.44 million in liquidations over the last 24 hours, as Bitcoin (BTC) drops below $110,000 and Ethereum (ETH) slipped below $4,500 on Monday. This pullback extends the weakness from Sunday, resulting in a larger wipeout of retail leverage in the derivatives market.
Avalanche (AVAX) price hovers above its key level at $22.53 at the time of writing on Tuesday, after falling over 9% the previous day. Market participants digest Grayscale Investments’ move to file an S-1 registration with the US Securities and Exchange Commission (SEC) for the launch of the Grayscale Avalanche Trust on Monday. Strengthening on-chain metrics, such as rising Total Value Locked (TVL) and daily transactions, hint at growing network activity that could support a potential recovery in AVAX.
BNB saw a 2% decline on Monday despite B Strategy’s plan to launch a $1 billion BNB treasury, with support from YZi Labs. B Strategy disclosed plans to establish a BNB treasury via a US-listed company with up to $1 billion in initial investment. The initiative, led by co-founders of Metalpha Technology Holding aims to offer grants for innovative projects and community initiatives on the BNB Chain.
“By leveraging a publicly listed company, we will use our assets and resources to support an ecosystem that is already No.1 in daily transaction value (12.5 million transactions/day) and No.2 in dapps/projects,” said Leon Lu, founder of B Strategy and co-founder of Metalpha, in a statement on Monday.
