Market Sells Off as Ethereum Selling and Jobs Report Weigh
CryptoNewsTerminal Staff05 Aug, 2024
Market Sells Off as Ethereum Selling and Jobs Report Weigh
Singapore-based cryptocurrency exchange QCP Capital shared its analysis on its Telegram channel pointing to aggressive selling of Ethereum by major crypto market maker Jump Trading and crypto-focused venture capital firm Paradigm as a trigger for today's market selloff. As ETH trading volume surged, market makers would have been busy trying to reduce their short gamma, a move that would have exacerbated the decline. Additionally, Friday's worse-than-expected US jobs report contributed to the selloff. Moreover, a break above 50 in the VIX and 1-month USDJPY volatility spiking to 16% could lead to further downside.
