News that Elon Musk’s SpaceX had written off some of its bitcoin holding in the previous quarter acted as an additional catalyst for the correction in crypto markets in August, the report said.
refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled.
“As a result we see limited downside for crypto markets over the near term,” analysts led by Nikolaos Panigirtzoglou wrote. The correction in crypto markets in August, “which reversed the post Securities and Exchange Commission versus Ripple court decision rally” can be partly credited to the “broader correction in risk assets such as equities and in particular tech, which in turn appears to have been induced by frothy positioning in tech, higher U.S. real yields and growth concerns about China,” the report said.in the previous quarter acted as an “additional catalyst for the correction in crypto markets.
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