Crypto Markets Decline as Traders Lock in Profits on Presidents’ Day
Crypto markets declined on Monday as traders took profits amid a lack of new catalysts while the U.S. observed President’s Day.
Key movements include:
- Solana dropped 4%
- XRP fell 4%
- Bitcoin decreased by 1.1%
- BNB Chain's BNB went down 0.5%
- Dogecoin lost 3%
- Cardano's ADA and Ether rose 2%
Jupiter's JUP led midcap losses, sliding 9% due to its ties with the controversial LIBRA coin, which faced legal issues after a brief endorsement by Argentina's President Javier Milei.
The CoinDesk 20 index fell 1.29%. QCP Capital noted that price movements are influenced by macroeconomic factors rather than specific crypto developments. Despite ongoing economic uncertainties, crypto implied volatility remains low.
Open interest (OI) in the options market indicates caution among traders, waiting for clearer policy changes. The $110,000 call option listed on Deribit is currently the most popular trade, as Bitcoin remains below $100,000, trading around $96-97k. This resilience is attributed to increased institutional investment.