Bitcoin and ether were roughly flat, while lending protocol tokens like AAVE, Compound’s COMP, Maple Finance’s MPL, and Maker’s MKR led market declines. AAVE is down 8%, while COMP has declined 8.8%, MPL is down 3.2%, and MKR 2%. TheSamReynolds writes
As Asia begins its business day, crypto majors like bitcoin and ether are stable, but it's a sea of red elsewhere.eToro US Investment Analyst Callie Cox blames seasonality as a reason why the crypto majors aren’t moving.
“The seasonal patterns we see show that bitcoin prices have been a little bit weaker in August and September,” Cox said on CoinDesk TV's"First Mover" program. “People are going off to the beach; they're not looking at their portfolios or trading their portfolios.”which recently suffered an exploitPart of the reason why the market is reacting in such a way is because of a lending position held by founder Michael Egorov on lending protocol Aave.
As such, lending protocol tokens like AAVE, Compound’s COMP, Maple Finance’s MPL, and Maker’s MKR are leading the market declines. AAVE is down 8%, while COMP has declined 8.8%, MPL is down 3.2%, and MKR 2%.
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