Similar to equities which have been trading range bound, there is no momentum seen in the novel-much in news digital asset class-cryptocurrencies. The largest and most popular crypto is down by over 1 percent, likewise other top 20 cryptoassets as compiled by Coindesk.com are seeing decline by up to 4 percent. Meanwhile the one's defying the action are Algorand and Cosmos crypto.
There is a signal that amid the year-ender holidays, volumes in the digital assets have tumbled.
At the time of writing this copy at around 3:10 pm (IST), bitcoin traded below $47K and gains on the Algo have come off subsequent to Algrorand Foundation announcement of liquidity incentive program with the crypto's first algorithmic money market and stablecoin protocol Algofi.
Notably such a sell-off in Bitcoin, there is reported an increase in the buying of put options.
Further as per a report, Binance Coin, which is the third largest in m-cap has increased by a significant 1100% on a YTD basis.