According to CoinDesk, Monday marked a slow start to the Asia trading week with Bitcoin (BTC) up 1.2% and Ethereum (ETH) up 2.6%. Solana's memecoin MOTHER, created by music star Iggy Azalea, saw a 4% increase following its strong presence at the Breakpoint conference in Singapore.
ETH outperformed BTC in daily gains as Token 2049 and Solana's Breakpoint, two significant crypto conferences, concluded in Singapore. Despite these gains, both tokens remained relatively flat in a stagnant market. ETH is trading above $2,600, while BTC is trading above $63,700. The CoinDesk 20 (CD20), which measures the performance of the largest digital assets, is up less than 1%.
Data from CoinGlass indicates that in the last 12 hours, more short positions than long positions have been liquidated, with $64.23 million in shorts and $54.42 million in longs being liquidated. Trading activity is light following last week's 50 basis points (bps) interest rate cut. BTC has risen 9.5% over the past week, while ETH has increased by over 16%. Polymarket bettors are divided on the likelihood of another rate cut, with 47% predicting a 50 bps cut and another 47% expecting a 25 bps cut.
Solana (SOL), which was the focus of the Breakpoint conference, is trading above $145 and remains flat. Attendees were impressed with announcements from the protocol, including Jump Crypto's validator going live. Pendle, a portfolio company of Arthur Hayes' fund Maelstrom, is down over 6.5%. Traders are concerned that Maelstrom has reduced its position in the project after Hayes promoted it in Singapore. Hayes stated that the reduction was to gain liquidity for a
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