Polygon (MATIC), Tron (TRX) and Monero (XMR) posted bigger losses than other altcoins
Bitcoin fell to an 18-month low of $20,079 on June 15, amid weak macroeconomic sentiment and the risk of infection from within the crypto market. Ether, the second-largest cryptocurrency by market cap, suffered even more than bitcoin, falling 10.49% to trade at $1,069.
Meanwhile, bitcoin traded down 8.21%, save for stablecoins, Algorand and Basic Attention tokens, which were up 2.45% and 8.55% at one point, while others such as Polygon (MATIC), Tron (TRX) and Monero (XMR) Cryptocurrency posted big. Losses compared to other altcoins in the last 24 hours, according to CoinMarketCap data.
The news that crypto lender Celsius had halted all withdrawals due to “extreme market conditions” raised concerns about the firm’s financial stability and created systemic risk on the crypto market.
As reported by U.Today, Three Arrows faced a liquidation of at least $400 million this morning and attempted to reduce its collateral levels by selling key positions. Bitcoin’s decline accelerated, with the cryptocurrency falling near $20,000 for the eighth day in a row and a 32.17% drop over the past week.
Meanwhile, the crypto market has been plagued by negative sentiment, with exchange giant Coinbase announcing layoffs of more than 20% of its employees, or 1,100 positions. Binance and Kraken, on the other hand, have announced 2,000 and 500 open positions, respectively.
TRON fights pressure
Tron DAO USDD stablecoin is currently struggling to defend its ecosystem following signs from D-Peg. At the time of writing, Tron’s USDD stablecoin was trading at a discount of $0.97. USDD, an algorithmic stablecoin, is meant to maintain parity with the dollar.
To protect its ecosystem, TRON said it is withdrawing 2.5 billion TRX from Binance. With this in mind, TRON DAO Reserve has shared five separate transactions from WhaleAlert.
TRON DAO Reserve Withdrawn #TRX Off Binance https://t.co/rCA7xqTPNT— Tron DAO Reserve (@trondaoreserve) 15 June 2022
The first two transactions are 339,999,999 TRX and 499,999,999 TRX transferred from Binance to an unknown wallet. Others later reported withdrawals of 948 million TRX, 300 million TRX and 301 million TRX from Binance. The TRON DAO Reserve also reported a transfer of 120 million USDC from Tron to Binance to purchase TRX. TRX is currently down 15% to $0.051.