So much for a calm summer market \u2014 28 of the top 100 digital assets dropped 5% or more today on news that a major market maker is paring down operations.<\/p>\n
The two largest digital assets, Bitcoin and Ether, proved relatively resilient, down less than 1% on the day.<\/p>\n
The carnage was more pronounced in altcoins \u2014 Ripple (XRP), which is used for cross-border payments and is the fourth-largest digital asset, lost over $1B in market capitalization after dropping nearly 4%.<\/p>\n APE<\/a>, which is central to the Bored Apes<\/a> ecosystem, and LUNC<\/a>, the token of the failed<\/a> Luna ecosystem, crashed over 10%.<\/p>\n Meanwhile, MATIC, GMX and APTOS fell over 7%.<\/p>\n The selloff comes after crypto volatility has been flirting with all-time lows \u2014 an Aug. 7 report<\/a> from analytics firm Glassnode noted that \u201cBitcoin markets are experiencing an incredibly quiet patch, with several measures of volatility collapsing towards all-time lows.\u201d<\/p>\n The price action may serve as a wake-up call for investors after reaching what Glassnode called a \u201cstage of extreme apathy and exhaustion,\u201d in an Aug. 14 report<\/a>.<\/p>\n The price action was colored by the news that GSR, a market maker and investment firm which has been operating in crypto for ten years, had five high-level employees leave<\/a> the company.<\/p>\n Some market watchers were quick to pin the day\u2019s selloff on GSR paring back operations, but a dashboard<\/a> from the controversial<\/a> analytics platform Arkham Intelligence suggests otherwise \u2014 the firm\u2019s total holdings increased by 16.9% to $75.35M in the past week.<\/p>\n As always \u2014 some tokens are bucking the trend.<\/p>\n RUNE, the token of THORChain, a cross-chain swap protocol branching into lending and yield-producing vaults, posted a 3.8% gain on a day when the protocol processed a record $100M in volume. RUNE has surged 54% on the week.<\/p>\n So much for a calm summer market \u2014 28 of the top 100 digital assets dropped 5% or more today on news that a major market maker is paring down operations. The two largest digital assets, Bitcoin and Ether, proved relatively resilient, down less than 1% on the day. The carnage was more pronounced in […]<\/p>\n","protected":false},"author":2,"featured_media":137675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-137674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137674"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137674\/revisions"}],"predecessor-version":[{"id":148339,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137674\/revisions\/148339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137675"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Muted Market<\/h2>\n
GSR Downsizes<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fbf5aaaf554ae434c2a3146f050dcf584821a6c3f-642x63.jpg&w=828&q=75\")
<\/figure>\nRUNE Rallies<\/h2>\n
![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fe4c66c3ede668e3dd419397dee49e7f6f282e96d-636x313.jpg&w=828&q=75\")