1INCH plunges 34% days after Ripple-SEC ruling

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The native token of 1inch Network, 1INCH, is down 34% in the last twenty-four hours, making it the largest loser among the top 100 assets by market capitalization.

As a result, market participants appear to be selling in response to the decline, adding to the pressure as the token fell below multiple support levels to around $0.37.

Less than a week after the market-wide rally triggered by Judge Analisa Torres’ ruling in the Ripple vs. United States Securities and Exchange Commission (SEC) legal battle, 1INCH is correcting. The market interpreted the order favorably, boosting Bitcoin and alternative cryptocurrencies, such as 1INCH.

Prior to the 13th of July, 1INCH had been consolidating for two weeks between $0.30 and $0.34. The rally pushed it to a four-day high of $0.5935 on July 17, representing an increase of 89%.

Price of 1INCH as of July 18 | Source: Trading View

During this time period, 1INCH’s trading volume increased significantly due to a surge in investor interest in profiting from the rally. On July 17, the token became the second-most traded asset on the largest exchange in South Korea, Upbit.

According to observers, 1INCH’s 24-hour trade volume was $112.5 million on July 17. However, the upward momentum in the market as a whole declined.

Bears pushed the price down 1INCH, or 6.16%, to $0.4029 from $0.5935 on July 17. These losses overflowed, resulting in additional losses on July 18.

ctions to significant traditional financial firms, some market watchers predicted that Coinbase stock may increase further in the medium term, but they cautioned against making any short-term decisions.

According to a statement from senior market analyst Alex Kuptsikevich of FxPro to CoinDesk, “Coinbase is attracting investor interest due to its history with spot Bitcoin ETFs.” Although this was to be expected, there were still risks, so the first sense of relaxation rapidly gave way to a momentary squeeze.

We can’t rule out the impact of reports from the Ark Innovation fund, which announced the sale of Coinbase shares on Tuesday, Kuptsikevich added, referring to a $12 million COIN sale by Cathie Wood’s ARK Invest. Given that Coinbase has lost out on a substantial percentage of the upside potential of the cryptocurrency market, the range exit gives additional momentum with potential goals for a rapid rebound to $113 and longer-term upside targets approaching $160.

Key Measures

Data reveals that on Tuesday, as the stock completed the day at $89.15, open interest, or the amount of unsettled futures contracts, increased by 4%. With respect to popular cryptocurrencies like bitcoin (BTC) and ether (ETH), this raises the year-to-date gains to 74%.

Rising open interest is an indication of greater wagers on any asset, whether tokens or stocks, as it implies a flow of fresh capital into the financial market, which typically indicates that the current trend is anticipated to continue.

According to data, open interest in COIN-listed options increased 14.6% on Tuesday to 953,393 contracts, far exceeding the 52-week average of 812,568 contracts. Additionally, during the past five days, the put-call ratio dropped by 6.1% to 1.2, indicating that traders have an optimistic outlook for COIN.

Calls are wagers on rising prices, whereas puts are bets against an asset. A declining put-call ratio is viewed as a bullish sign since it indicates that more calls are being purchased than puts.