Bitcoin Drops To $42,000, And Altcoins Bleed Amid Ledger Drain Worth $600K -

Bitcoin Drops To $42,000, And Altcoins Bleed Amid Ledger Drain Worth $600K

Dec 17, 2023Jeremy ParkinsonFinance0

Image Source: DepositPhotosThis Week’s Summary

The crypto market ends the week at a total market capitalization of $1,59 trillion.

Bitcoin decreased by 4% to reach around $42,200.

Ethereum is down by almost 5% to trade at over $2,300.

XRP lost almost 6% in value this week, reaching around $0.62.

Almost all altcoins are trading in the red, with some notable exceptions.

The DeFi sector decreased the total value of protocols (TVL) to around $51 billion.

Crypto Trends 11 – 17 December 2023: Market Analysis and PerformanceThe crypto market is catching its breath from its recently unexpected surge. After most assets recorded remarkable gains over several weeks, it was time they retreated to more familiar comfort zones. As a result, most cryptocurrencies traded in the red this week. It’s worth noting that many investors chose to profit from the market’s rejuvenation and liquidated their positions. The overall market capitalization decreased by almost $50 billion.Bitcoin started the week flying high and attempting to gain the $45,000 resistance level. However, the king of cryptocurrencies quickly reversed its trajectory, going on an unexpected downtrend. In fact, at one point, it reached as low as $40,000. Fortunately, the drop stopped there, and BTC recovered to stabilize its trading value at around $42,200.Ethereum also lost precious value points this week on the back of a 5% decrease. On the bright side, the second crypto in command did not descend below the $2k. Despite the ongoing bleeding, many of its supporters could see it as a small win. Currently, ETH is trading at around $2,230. Altcoins & DeFiMost altcoins are trading in the red, with very few exceptions. This week’s losers include Chainlink, down by 10%, and TRON, down by over 5%. Also, XRP decreased by almost 6%, Dogecoin by 5%, Polkadot by 2%, Toncoin, and Litecoin by 6%. Elsewhere, BNB is up by 1%, Solana by 3%, Cardano by 2%, and Avalanche by a whopping 28%.The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, Axie Infinity is down by 6%, The Sandbox by 7%, Decentraland by 5%, and Theta Network by 1%. Nevertheless, some of the projects in this sector are thriving, such as ICP, up by 113%, Render (17%), and Stacks (6%).The DeFi sector lost almost $1.4 billion from the total value in locked protocols (TVL), now at $51.08 billion. Crypto Market Analysis – What’s in the News?

Ledger confirmed a library vulnerability that compromised some Web3 functionalities and led to $600,000 in losses. The company quickly addressed the concern and fixed the issue.

The hacker behind the Nirvana Finance attack has pled guilty and will forfeit over $12 million in stolen funds as part of a legal deal that will see him spend a maximum of five years in prison.

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