Crypto News Today- Bitcoin Open Interest Stays High Despite Slight Crypto Market Downturn

Crypto News Today-The crypto market experiences a slight dip, yet Bitcoin open interest continues to soar

Crypto News– Bitcoin’s open interest has surged past $1.5 billion, even as its price takes a dip — a worrisome trend, say some crypto analysts.

Price remains stagnant, yet open interest skyrockets by $1.5 billion. A high-risk scenario, cautioned Decentrader founder @filbfilb on X.com. He further emphasized, “Haven’t seen such a setup in ages. Brace yourselves.” Another post on X by Byzantine General (@ByzGeneral) echoed the sentiment, stating, “Open interest is swiftly climbing again, nearing the previous levels before the sudden market downturn.

Bitcoin saw a decline in early Tuesday trading. The leading digital asset, with the largest market cap, dropped approximately 3.2% over the past day, trading at $67,18 at 5:44 a.m. ET, as reported by The Block’s Price Pages.

The performance of meme coins lags behind the broader cryptocurrency market

Over the last 24 hours, the market capitalization of meme coins has taken a hit, declining by more than 6%, a performance that falls short of the broader cryptocurrency market, which experienced a 2% downturn within the same timeframe.

The top five meme coins listed in CoinGecko’s meme coin category collectively represent about 77% of the total meme coin market capitalization, surpassing $59 billion. However, all of these top five meme coins witnessed a drop in value over the past day. Notably, floki experienced the most significant decline, plummeting by 8%.

Among the other top five meme coins, dogecoin, pepe, shiba inu, and dogwifhat saw decreases of 2.7%, 3.6%, 3.3%, and 4%, respectively.

Memecoins inspired by GameStop’s saga continue to decline

In tandem with the decline in GameStop shares, tokens inspired by Roaring Kitty witnessed double-digit losses in the same period. GameStop, the video game retailer, saw its shares plummet for the second consecutive session on Monday, tumbling over 49%, following a 40% drop on Friday.

Ending Monday’s trading at $24.83, GameStop’s stock marked a staggering 62% decline from its two-year high of $61, reached just last Thursday. Meanwhile, the Solana-based memecoin GME, unrelated to the company officially, slumped by 20%. Similarly, related tokens like KITTY and ROAR experienced declines of 26% and 27%, respectively, over the past day, as per CoinGecko data.

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