The crypto market is suffering, and among those paying the price are, for example, the cryptocurrency Aptos and the exchange Coinbase.
The losses in the crypto markets are actually widespread, so much so that all the main cryptocurrencies are down in the last seven days. The drop in Aptos is simply more noticeable
The decline of APT (Aptos) and the negative performance of the crypto exchange Coinbase
Seven days ago the price of APT, the native cryptocurrency of Aptos, was almost $6.7.
Today it dropped to $5.8, with a cumulative loss over seven days exceeding 12%.
Note that the decline has been almost continuous in the last week, without individual crashes but with continuous daily losses.
However, compared to thirty days ago, it is still up by 10%, but it should be remembered that on August 5th there was a collapse.
For example, at the end of June the price was around $6.8, which is in line with that of seven days ago.
Going even further back with the analysis, however, the picture becomes darker.
First of all, it must be said that currently the price of APT is still 70% lower than its all-time high. Furthermore, given that this cryptocurrency debuted on the crypto markets only in 2022, that all-time high was reached only last year.
Although during the bear-market of 2022 its price dropped to 3$, the initial market placement price was above 7$, so the current price is lower than the initial price.
Moreover, in March of this year, it was managing to return to the historical highs of 2023, but in less than six months, it ended up losing 69%.
In other terms, the trend of the price of APT seems to have been from the beginning within a long speculative phase, still ongoing, made up of large pump but also of large dump.
It should be remembered that the unlocking of approximately 65 million dollars of ATP tokens currently locked, equal to 2.3% of the current supply, is imminent.
The decline of Coinbase
A different discussion, but in some ways a bit similar, is the one concerning the stock market trend of the share price of the major US crypto exchange, Coinbase.
In the last seven days, the stock COIN is losing 12%.
This period of decline, however, started much earlier, at the end of August, so much so that the loss in the last thirty days extends to -14%.
Note that the current price level, just below $160, is slightly lower than the August bottom, reached on the 5th of the month, always around $160.
Curiously, even at the beginning of the year it was around $160, so in fact it has been moving sideways for more than eight months.
During the course of 2024, however, it managed to climb back up to over $280, with a +75% increase in less than three months, which is quite unusual for a stock. In fact, over the following months, it ended up losing all that gain.
However, the bottom of 2024 remains the 114$ from the beginning of February.
Coinbase landed on the stock market in April 2021, in the midst of a speculative bubble, so much so that its initial placement price of $380 is not advisable to take as a reference point.
During the bear-market of 2022, it plummeted to $31, and in the course of 2023, it marked a great rebound thanks to which it closed the year with a remarkable +370%.
The current situation of the crypto market
The decline is actually widespread across all crypto markets, so much so that among the top 20 cryptocurrencies by market capitalization, the only one that doesn’t lose is Litecoin, in addition to, of course, the stablecoins.
However, it should be remembered that LTC is still at -9% since the beginning of the year.
Moreover, the same general decline in the crypto markets does not seem to be due to internal problems in this market.
The cause seems to be found in traditional financial markets, as it emerges quite clearly from the comparison of the trend of the price of Bitcoin with the trend of stock indices.
Taking as a reference the Hong Kong stock market index for Asian markets, and the S&P500 for American markets, it is clearly noticeable that after the crash on August 5th, the price of Bitcoin rose along with those two indices, and it also especially fell along with them.
Note that the Asian stock exchanges are open while the American ones are closed, and vice versa, so it is easy to compare their trends with those of the Bitcoin price.
Weighing heavily are especially the fears related to the risk of a recession, given that some recent economic data from the USA suggest that the risk has slightly increased. There is also much anticipation for September 18, when the Fed is expected to start cutting rates.
