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Aptos Leads Losses as Crypto Weakness Continues; Coinbase Shares Fall to 7-Month Lows
Bitcoin tumbled below the $56,000 level on Thursday before a modest bounce.
Updated Sep 5, 2024, 8:11 p.m. Published Sep 5, 2024, 6:09 p.m.
Cryptocurrencies continued trending to the downside as recession fears weighed on risk assets ahead of Friday's key jobs data report.
Bitcoin declined more than 4% at one point Thursday before bouncing to $56,500 at press time, off 2.2% over the past 24 hours. Ethereum's ether declined over 4% during the same period, trading below $2,400. The broad-basket CoinDesk 20 Index was down more than 3%, with dogecoin , cardano and litecoin outperforming.
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Read more: Bitcoin Flounders Ahead of Friday Jobs Report That Might Push Fed to Slash Rates by 50 Basis Points
Native token of layer-1 blockchain Aptos tumbled 7%, the largest loser among the CoinDesk 20 constituents, as an upcoming token unlock event weighed on its price. Some $65 million worth of locked tokens, 2.3% of the current supply, will be added to circulation next week including to early investor, per Token.Unlocks data.
Cryptocurrencies usually underperformed the broader market in a window of seven days before and after large token unlocks over past years, a recent Messari research concluded analyzing hundreds of unlock events over the past years.
Looking at traditional markets, key U.S. equities declined during the morning session in a broader risk-off sentiment. The Dow Jones Industrial Average (DJIA) was down 0.9%, while the broad-based S&P 500 lost 0.5% by 12:00 Eastern time. The tech-heavy Nasdaq 100 erased its opening gains and stood mostly flat.
Crypto-focused stocks also performed poorly. Crypto exchange giant Coinbase (COIN) declined 1%, briefly slipping below $160 for the first time since February, taking out the lows hit during the early August crash due to the Japanese yen carry trade unwind. Large-cap bitcoin miners Marathon (MARA) and Riot Platforms (RIOT) were down 4% and 2%, respectively.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto Market Today: Bitcoin-gold ratio drops to lowest since January 2024
Bitcoin rose since midnight UTC, while remaining locked in the $86,000-$90,000 range. Against gold, however, it's still falling.
What to know:
- Bitcoin's price remains volatile, trading between $86,000 and $90,000, while its ratio to gold hit a low not seen since January 2024.
- Funding rates for several major tokens have turned negative, indicating a buildup of short positions in the futures market.
- Yearn Finance's YFI token dropped nearly 6% after the yield aggregator suffered a $300,000 exploit from a legacy smart contract, its second attack this month.
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