Fantom Tumbled 15% After Cronje’s Leave, BTC Dips Below $38K

Fantom tumbled 15% after Andre Cronje, the founder of Yearn Finance will be leaving the crypto industry while Bitcoin dips below the $38,000 price level as we are reading furhter in today’s latest altcoin news.

Bitcoin saw another price drop and this time it dipped to a weekly low of $37,500 with the altcoins are in the red once again and ETH went down to $2500 and SOL losing 5%. Fantom tumbled 15% after the claims that Andre Cronje will be leaving the cryptocurrency space. A week ago, Bitcoin initiated a huge leg up that resulted in a $6,000 surge in the days after the Western powers will not get involved in the war between Russia and Ukraine. This resulted in a price pump to $45,000 and above this level which will become a three-week high. However, the bears intercepted a move and reversed the BTC trajectory right after.

This led to a few days of price drops before, Bitcoin dumped below the coveted $40,000 and in the past 24 hours, the asset tried to challenge the level but was stopped in the tracks. The rejection drove it to a low of $37,500 before recovering a few hundred dollars to over $38,000. it is worth noting that the global equities are in the red as well while gold and crude oil increase to new highs.

The alternative coins were through better days and ETH, for example, jumped above the $3000 price range but then failed to remain there. Just the opposite, the second biggest crypto resembled Bitcoin’s movements and lost $500 since then. On a daily scale, Ripple is in the larger cap altcoins, and Terra, Cardano, Binance Coin, Polkadot, Avalanche, Shiba Inu, DOGE, and CRO, all marked minor losses. Solana has lost the most among the top 10 coins as it dropped by 6% in one day and sits over $80. FTM is the biggest loser after a 13% drop which came a day after the project’s senior solutions architect and Crone said they will leave Fantom. The crypto market cap is down by $50 billion in one day and struggles at over $1.7 trillion.

Andre Cronje is best known for his work on Yearn Finance and Fantom alongside Anton Nell, and now he will be seemingly leaving the crypto space. In a Twitter thread from March March 6^th, Anton Nell who is the senior architect at Fantom Foundation announced that Cronje will quit contributing to the crypto space.