Thorchain, Polygon, Kusama Among Biggest Losers in Today’s Crypto Crash

Bears ruled the day today, as most digital assets dove plummeted deep into the red. Some, including Thorchain (RUNE), Polygon (MATIC), and Kusama (ENJ) fell much harder than others.

At the time of writing, Thorchain’s native token is in the lead when it comes to daily losses. So far, RUNE has shed over 14.5%% of its price in the last 24 hours, trading at around $3.31, according to crypto metrics platform CoinGecko.

Notably, this continues Thorchain’s series of misfortunes. Apart from the overall crypto sell-off across the board, this decentralized finance (DeFi) liquidity protocol also fell victim to a hacker a few days ago, leaving its liquidity pool roughly $5 million lighter.

Throchain is followed by Polygon, a layer 2 solution built to decrease transaction times and costs on the Ethereum network, whose MATIC token dropped by 12.4% on the day, sliding down to roughly $0.669. Even recent positive news about Coinbase adding support for Polygon’s dApps wasn’t enough to keep MATIC above its peers.

Kusma, the experimental “canary network” in the Polkadot ecosystem, similarly saw its KSM token drop by 10.4%, sliding down to $151.18. Meanwhile, Polkadot’s own token, DOT, is trading at $10.81, down 8.4% in the past 24 hours.

Blockchain gaming tokens are not exempt from today’s dip either. Both Enjin’s ENJ ($0.968) and Axie Infinity’s AXS ($14.97) are down 12.6% and 7.4%, respectively, despite their strong rally over the past couple of weeks.

The native token of the Flow blockchain, on which NFT heavyweight such as NBA Top Shot is based, has also retreated to around $11.84, losing 11.6% of its price in the process.

In their turn, tokens of major DeFi platforms such as Uniswap ($14.79, -6.5%), Chainlink ($13.81, -6.8%), Aave ($218.40, -8.1%), Maker ($2,159.01, -7.8%), Compound ($323.25, -6.2%), and many others are posting double-digit losses as well.

UBS CEO: Crypto 'An Untested Asset Category'

The CEO of Swiss banking giant UBS, Ralph Hamers, has described crypto as an "untested asset category" in an interview with Bloomberg TV. "We feel that crypto itself is still an untested asset category," says UBS CEO Ralph Hamers. He tells @ManusCranny he doesn't have crypto FOMO https://t.co/WoyYpqfqiQ pic.twitter.com/qIwAIejwx7 — Bloomberg TV (@BloombergTV) July 20, 2021 In the interview, Hamers said that the bank's clients have asked about crypto. "Clients are looking at different alternati...

Unsurprisingly, this comes on the heels of Bitcoin dipping below an important psychological level of $30,000 today—for the first time in a month.