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Archegos Crypto Sell-Off Affecting Banking Stocks

While crypto is known for its massive profits if traders trade in the right way, the sector has been known for its headline-catching price moves over the years. The market has always reacted in a good way if there is a huge adoption spree in the market and vice versa if there is a sell-off. But while there was a sell-off last week in the market, the entire market was surprisingly in the green zone. Archegos sold off their Bitcoin holding, prompting analysts to predict doom for the market, followed by other retail traders cashing in on their assets. But despite the forecast, the market is still strong and is looking to break heights.

Crypto market cap close to all-time high

With the surge in the price of the digital assets, a Nomic report has claimed that the industry’s overall market cap has seen a relatively high move upwards to rest at around $1.87 billion. This means the crypto market is just some small percentage within touching distance of the all-time high figure that is set at the start of the month.

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Also, not only Bitcoin is feeling the green moves as other mid-cap and small-cap tokens are also seeing a good time in the market. Bitcoin, on its part, had to endure a very crappy weekend where it saw losses and gains, putting traders under indie pressure. But the asset has left that zone and is now in the ups as it presently trades at $58,000, showing gains of around 3.4%.

Despite that, the digital asset has lost a little bit of its dominance in the market as it is now around 60% over other assets in the market. While the Bitcoin surge looks commendable, Ethereum has also been able to rally up in the market to record gains close to 6% to trade at around $1,800. Analysts have also attributed the recent massive rise in Ethereum to the latest Visa news regarding the digital asset.

Digital assets see greens

Ripple is also having a wonderful time in the market as it is almost putting the case against the SEC behind it to record a profit of around 3.5%. Also, Ripple previously announced at the end of last week that it had bought a stake in Trango, a payments company located in Asia. As previously reported across various media yesterday, Archegos was pushed to cash in on their $30 billion worth of digital asset following the nosedive from all the coins in the market generally.

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With the firm’s CEO, Bill Hwang, hodling stocks in various entertainment companies, the CEO suffered a massive 27% to close out the day yesterday. With the market dump by Archegos happening over the weekend, the banks are the first entity to take the massive hit from the sell-off. Credit Suisse told its customers that it would get hit when the sell-off happened, and after that, the firm suffered an 11% loss in the market.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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