Olympus Inferno

Chart of the Day

As the fear of soaring inflation figures continue to grow amongst investors, many market participants have decided to hibernate until the crypto market is able to offer a clearer directive with regard to where it is headed. This inertia to make any moves is clearly reflected in the indecisive price actions of most major cryptocurrencies. In the early hours of Wednesday, BTC once again tested its resistance near the $42.5k level, before falling back to the upper bound of the $41k region that it is currently trading at (as of the time of writing). As it is still exhibiting all the characteristics of a risky asset, BTC remains extremely vulnerable to speculative fears over the U.S. Federal Reserve's aggressive tightening of its monetary policy. Likewise, ETH's movement has also been relatively flat over the past 24 hours. This climate of fear seems to have seeped into the decentralized finance (DeFi) space too, as a handful of DeFi whales unfortunately triggered liquidation cascades amongst a few well-known decentralized reserve protocols whilst running their de-risking strategies. OHM, the native token of OlympusDao, a project that is considered to be one of the most promising DeFi 2.0 setups, suffered the worst blow, as it plunged by more than 40% in a mere matter of days. Other notable OHM forks like Redacted Carted (BTRFLY) and Wonderland (TIME) also ended up shedding at least one-third of their value within the same timeframe.