TON managed to trim some of its losses after the blockchain restarted itself after a nearly five-hour downtime.
Although the hiatus was partly due to the popularity of Airdrop, which is part of the Ton Foundation’s efforts to raise awareness of what it considers the unjust arrest of Pavel Durov, it wasn’t entirely bad for the original protocol token.
The TON token managed to trim some of its losses during the trading session in Asia, and is now 0.44% lower, according to CoinMarketCap data. Reversal of declining market movement.
BTC fell 6%, with Ethereum (ETH), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) down more than 5%. XRP showed relative strength with a decrease of 3.4%, while the TRX token from Tron was the best performer among major assets with a decline of 2%.
Liquidations in Ethereum futures hit a high of $102 million, followed by Bitcoin with $96 million and a group of smaller alternative tokens with $40 million.
Sudden liquidations have exacerbated losses due to the long squeeze that occurs when traders betting on rising prices feel the need or are forced to sell in a declining market to minimize their losses, leading to a cycle of exacerbating losses.
CoinGlass data shows that open long positions on bitcoin futures fell to $31 billion from $34 billion on Monday as asset prices fell, suggesting declining confidence among traders.
The drop came as U.S.-listed bitcoin exchanges (ETFs) recorded net outflows of more than $127 million on Tuesday, breaking an eight-day inflow streak.
Outflows from Ethereum ETFs continued for the ninth consecutive week with more than $3.45 million exiting products.
Augustine Vann, head of analytics at financial products provider on the SOFA chain, said in a Telegrammessage: “BTC exchanges saw large outflows of $127 million as traders appear to have taken profits after the Jackson Hole rally, while Ethereum continued to lose momentum for the ninth consecutive week as Ethereum’s main network continued to be in its identity predicament.”
In addition, AI tokens are also in the red, with NEAR down 10% according to CoinDesk data, ICP down 6.5%, FET down 11.8%, Bittensor’s TAO down 11.3%, and RENDER (RNDR) down 9.5%.
Katie Stockton, founder and managing partner at Fairlead Strategies, said in a recent interview on CoinDesk TV: “Feelings about AI have clearly changed, as evidenced by the performance of AI and NVIDIA tokens.
“After a decline and recovery, NVIDIA continues to have a significant impact, especially as its next earnings report approaches. This could push the market higher ahead of a possible correction in September or start that correction. We expect NVIDIA and the tech giant to enter a more balanced environment amid increased volatility, regardless of their exposure to AI.”
Hong Kong’s digital custodian Hex Trust announced that it has launched a warehousing partnership programme, providing customers with greater access to storage offerings, signaling continued institutional interest in the asset class.
Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of any asset, nor is it considered a solicitation, offer, recommendation or proposal for investment. We would like to remind you that each asset is evaluated from multiple perspectives and its risks are high, so any investment decision and the risks associated with it belong to the investor. We also do not provide any investment advisory services.
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