{"id":8738,"date":"2023-09-29T01:30:00","date_gmt":"2023-09-29T01:30:00","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=8738"},"modified":"2023-10-13T03:14:30","modified_gmt":"2023-10-13T03:14:30","slug":"market-roundup-ton-drops-defi-gains-and-crypto-startups-raise-115-5m","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/market-roundup-ton-drops-defi-gains-and-crypto-startups-raise-115-5m\/","title":{"rendered":"Market Roundup: TON Drops, DeFi Gains, and Crypto Startups Raise $115.5M"},"content":{"rendered":"

Welcome to the latest edition of our Market Roundup, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies.<\/span><\/p>\n

Cryptocurrency prices dipped slightly this week, with a drop across the board among top tokens. Notably, the enthusiasm for TON has tapered. The Telegram-affiliated token dived by <\/span>roughly 17%<\/span> after a roaring two weeks, knocking it out of the top 10 cryptocurrencies by market capitalization.<\/span><\/p>\n

DeFi tokens have shone through at a time when most other cryptocurrencies trended down. The value of CurveDAO\u2019s governance token, <\/span>CRV<\/span><\/a>, has risen <\/span>16%<\/span> in the past week while users minted 114 million crvUSD, the stablecoin released by Curve Finance and backed by BTC, ETH, and ETH liquid staking derivatives. Concurrently, the governance tokens of Maker (<\/span>MKR<\/span><\/a>), Frax Share (FXS), and Chainlink (<\/span>LINK<\/span><\/a>) all moved up. The overall upward movement is likely due to increased usage of real-world assets and liquid staking tokens as collateral for DeFi applications.\u00a0<\/span><\/p>\n

Meanwhile, crypto traders are eyeing options contracts that will expire today at 8:00 a.m. UTC on Deribit. In all, this includes 117,000 bitcoin contracts and 1.1 million ether contracts, with a total underlying value of US$4.8 billion. Options give purchasers the right to buy or sell the underlying asset at a predetermined price at a later date. Depending on the change in value of <\/span>BTC<\/span><\/a> and <\/span>ETH<\/span><\/a>, the options contracts that expire today may become valuable or lose all their value.<\/span><\/p>\n

The max pain level, referring to the level at which options holders will lose the most money on expiration, for these contracts are US$26,500 for BTC and US$1,650 for ETH.\u00a0<\/span><\/p>\n

This was an important event to watch, as quarterly options expirations tend to influence markets in the days leading up to and after settlement. Professional traders expected prices to remain stable within the US$26,000 to US$27,000 band for BTC, and US$1,500 to US$1,600 for ETH.<\/span><\/p>\n

For more insights about market movements, be sure to check out the routine updates on <\/span>BTSE’s blog<\/span><\/a>.<\/span><\/p>\n

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Web3 News<\/strong><\/h2>\n

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