Monday marked a slow start to the Asia trading week, with Bitcoin (BTC) experiencing a rise of 1.2% and Ethereum (ETH) showing an increase of 2.6%. The memecoin MOTHER, linked to music star Iggy Azalea, saw a notable 4% surge following its strong presence at the Breakpoint conference in Singapore. In the realm of daily gains, ETH outperformed BTC as two significant cryptocurrency conferences, Token 2049 and Solana's Breakpoint, concluded in Singapore.
Nevertheless, both tokens showcased relatively flat performance in a stagnant market. Currently, ETH is trading above $2,600, while BTC stands at over $63,700. The CoinDesk 20 (CD20), an index that assesses the performance of the largest digital assets, reports an increase of less than 1%. Data from CoinGlass reveals that in the last 12 hours, a greater number of short positions have been liquidated in comparison to long positions, amounting to $64.23 million in shorts and $54.42 million in longs.
The trading activity has been subdued following last week's interest rate cut of 50 basis points (bps). Over the past week, BTC has seen a rise of 9.5%, while ETH has surged by over 16%. The market sentiment among Polymarket bettors appears mixed regarding the likelihood of an additional rate cut, with 47% anticipating a 50 bps cut and another 47% expecting a cut of 25 bps.
Solana (SOL), which garnered attention at the Breakpoint conference, is currently trading above $145 and remains stagnant. Attendees expressed enthusiasm over various announcements from the Solana protocol, including the successful launch of Jump Crypto's validator. However, Pendle, a portfolio company of Arthur Hayes' fund Maelstrom, has seen a decline of over 6.5%.
This decrease has prompted concerns among traders regarding Maelstrom’s potential reduction of its position in the project, especially after Hayes publicly endorsed it during the Singapore event. Hayes clarified that the selloff was to enhance liquidity for future endeavors..