BTC and ETH fell ahead of Tuesday’s U.S. Consumer Price Index report.
The total cryptocurrency market dropped nearly 4% today. BTC fell 4.5% as ETH plunged 7%. Most altcoins experienced similar downside — with SOL and LUNA down 9% and 8%, respectively.
Despite the Luna Foundation Guard adding another $173 million in BTC to its reserve wallet over the weekend, the market leader and most altcoins fell. Traders are struggling to grasp a bullish narrative for BTC and the broader market in the short term, as they anticipate the United States Consumer Price Index inflation print tomorrow. In conjunction with hawkish remarks from the Fed last week, a higher-than-expected CPI report could signal more downside as central banks aim to curb inflation with tighter monetary policy.
DeFi Digest: Tesla, Block and Blockstream team up to mine Bitcoin with solar power
Tesla, Block and Blockstream will partner to mine Bitcoin with solar power in Texas. This comes after Block and Blockstream said they were working together to build an open-source and solar-powered facility as part of an initiative to curb Bitcoin’s carbon footprint last year.
As part of the deal, Tesla will provide solar arrays and expansive battery packs, while Blockstream will build the mining infrastructure and oversee the project’s development. The group will also deliver a public-facing dashboard to show the performance of the mining facility — including power output and the amount of BTC mined.
Global ESG lead at Block and project lead for Blockʼs Bitcoin Clean Energy Initiative Neil Jorgensen affirmed that “by collaborating on this full-stack, 100% solar-powered Bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoinʼs synergy with renewables.”
The LEGO Group and Epic Games announced plans to build a metaverse specifically for kids and families. The two join a number of established corporations — such as Meta and Disney — to develop their own vision of the metaverse.
LEGO and Epic believe that creating a kid-friendly metaverse will give children the opportunity to create and develop social skills in a safe environment. In a statement, Niels B. Christiansen, CEO of the LEGO Group, said, “We believe there is huge potential for them to develop life-long skills such as creativity, collaboration and communication through digital experiences.” The two companies are committed to protecting children’s right to play, ensuring their privacy and providing them with the tools to access the digital world.
Top altcoin gainers and losers: Few altcoins green
- GMT/USDT +6.74%
- ZIL/USDT +2.48%
- BAL/USDT +0.62%
- JOE/USDT -10.96%
- SOS/USDT -14.14%
- ANC/USDT -16.55%
Although most altcoins are red today, GMT and ZIL continue to see more upside. These two have outperformed recently as traders migrate to any relatively bullish assets.
ANC once again leads altcoins on the losing end of the spectrum as Terra ecosystem tokens take a beating.
BTC technical analysis: Major sell-off
As BTC struggled to hold support over the weekend, the market leader opened the week with a large sell-off. So far, the coin has held above 40,000 USDT — but each impulse toward the round number makes its breaking all the more likely. For now, sellers are mostly in control — with minor bounces few and far between.
ETH technical analysis: A big red candle
Similar to BTC, ETH experienced tremendous downside at open on Sunday. The token continues to fall, with some support still at 3,000 USDT. ETH could not reclaim the 20-day moving average over the past few days and is now eyeing the 50-day and 100-day averages.
Altcoin technical analysis: GMT grinds up
GMT, the governance token for popular move-to-earn application STEPN, is one of the few altcoins that are positive on the day. The token has seen growing popularity recently, as many are calling the move-to-earn revolution this year’s “Pokémon GO” as users walk, jog or run to earn the token.
GMT has moved up today — currently sitting above all key moving averages on the hourly chart.
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Source: https://www.okx.com/academy/en/crypto-markets-sell-off-to-start-week-crypto-market-daily