Traders cool their jets as crypto ETF, FTX reboot optimism fades

Crypto prices took a turn into the red Monday, following an explosive week for many tokens. Industry analysts attribute the downturn to premature excitement over anticipated developments in the Web3 sector, compounded by the influence of key macroeconomic data.

Bitcoin has been able to sustain its recent rally, managing to stay above the $36,000 level Monday despite a mild selloff. Solana’s SOL token, one of the biggest winners in the altcoin market recently, faltered as well, losing more than 6% in 24 hours.

FTT, the native token of the now-bankrupt FTX exchange, faltered a bit over the weekend, posting a roughly 3.5% loss on Monday, but remains up more than 215% over the past…

Read more on Blockworks

30.8K Reads