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Crypto market opens the week in the red

The crypto market got off to a weak start this week: almost all major coins are in the red.

By Mike Hesp
• 1 min read
Crypto market opens the week in the red

The crypto market got off to a weak start this week: almost all major coins are in the red. Bitcoin fell in the last 24 hours by about one percent to just under $114,000. Altcoins took bigger hits: Ethereum and XRP lost around four percent, while Dogecoin shed seven percent.

The price pressure comes from a mix of factors. The U.S. regulator SEC is working on plans to ease crypto-exchange regulations, but at the same time keep strict requirements on custody and transparency. That leads to uncertainty among investors.

Additionally, CoinMarketCap data points to signs of overheating in the derivatives market. Open interest rose by 26 percent to just over $1 trillion, while the so-called funding rates fell by a quarter. That combination suggests the market is vulnerable to further corrections.

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