Bitcoin drops below $40K, Monero trading higher

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How $52,000 could actually happen

The crypto market as a whole was bearish in Asian hours, turning bullish at the time of writing. Earlier today, major cryptos plummeted as the 10 year Treasury yield rose to a three-year high of 2.78%.  

Top cryptos

Solana and Cardano lost more than 8% while XRP and Ethereum slid more than 5%. Bitcoin slid below $40,000 in Asian hours and was trading at slightly above that level at the time of writing. The flagship crypto is down by almost 14% over the past week. 

In the top 10, only BNB and Avalanche were in the green at the time of writing, the latter by around 3%. Shiba Inu is starting to gain again, up 6% today. Polygon is up around 4%. 

One last gainer in the top 20 was NEAR Protocol at #17. It has added around 8% to its value today.

CV VC Global Report 2022 recognized it as one of the top organizations in the platforms and protocol category.

In addition, a month-long pop-up hackathon called SpringIsNEAR started today. These might be the reasons for its rise.

Top movers

Privacy token Monero has been gaining steadily ever since the Russian invasion of Ukraine. One of the reasons is its perceived safety from hackers. It has added 9% to its value in the last 24 hours. Other winners today include ApeCoin with 7% and Holo with 6%.  

On the losing side, Zilliqa is reversing recent gains with a drop of 9%. Convex Finance shed 10% of its value.   

Trending

Kuai Token, a cryptocurrency on the Ethereum Mainnet, gained 1,426% today. 

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