A year ago today, $19 billion was liquidated in the crypto market. More than $1 billion has been wiped out over the past couple of days, mostly from long positions.
Bitcoin is now around $82,500, while $TAO has bounced back from around $254 to $275, up a little over 2% in 24 hours. I’ve noticed this coin falls really hard, but it also tends to bounce back a bit earlier. Its total supply is 21 million, with just over 10 million in circulation, and more than half of that is staked. But there’s an obvious problem: volume just hasn’t picked up. A bounce without volume could get knocked right back down at any moment.
I added a little more $AVAX with a small position this time. It’s down about 90% from its all-time high, and the price is practically on life support, but on-chain TVL is still holding around $600 million. If an old chain can keep that level of capital, at least it shows that people haven’t completely stopped using it. Once the broader market really stabilizes and sentiment recovers a little, assets that have been beaten down this hard can sometimes have more upside than those that have just made new highs.
Still, I don’t dare take a big position right now. If volume doesn’t pick up, it could fall further at any moment. So I’m keeping my position small and adding gradually in batches when it dips.
Bitcoin is now around $82,500, while $TAO has bounced back from around $254 to $275, up a little over 2% in 24 hours. I’ve noticed this coin falls really hard, but it also tends to bounce back a bit earlier. Its total supply is 21 million, with just over 10 million in circulation, and more than half of that is staked. But there’s an obvious problem: volume just hasn’t picked up. A bounce without volume could get knocked right back down at any moment.
I added a little more $AVAX with a small position this time. It’s down about 90% from its all-time high, and the price is practically on life support, but on-chain TVL is still holding around $600 million. If an old chain can keep that level of capital, at least it shows that people haven’t completely stopped using it. Once the broader market really stabilizes and sentiment recovers a little, assets that have been beaten down this hard can sometimes have more upside than those that have just made new highs.
Still, I don’t dare take a big position right now. If volume doesn’t pick up, it could fall further at any moment. So I’m keeping my position small and adding gradually in batches when it dips.