Cryptocurrency Market Plummets Following 'Fear' Among Investors
In the ever-evolving world of cryptocurrencies, the past 24 hours have seen a mix of gains and losses for various digital assets.
The top DeFi project, Aave, has experienced a minor setback, with a 1.33% decrease that has brought its total value locked (TVL) to $39.389B. Meanwhile, the overall DeFi TVL has dipped by 2.69%, reaching $152.603B.
The world's largest cryptocurrency, Bitcoin, has followed a similar trend, dropping by 2.54% to trade at $108,381.73. Ethereum, the second-largest cryptocurrency, has also witnessed a 1.77% decrease, touching $4,396.00. Despite these drops, Bitcoin's market dominance has climbed to 57.2%, while Ethereum's market dominance stands at 14.1%.
The crypto market capitalization has taken a 2.18% dip, resulting in a cumulative market cap of $3.77T. However, the 24-hour crypto volume has seen a significant increase of 25.57%, reaching $200.3B.
One of the most intriguing developments comes from Grayscale and 21Shares, who have submitted filings for spot ETFs for Cardano ($ADA) and Polkadot ($DOT) under the U.S. SEC. The applications follow recent filings for a Polkadot ETF, with Coinbase Custody Trust as the custodian.
The NFT market has seen a 19.24% decrease in sales volume, with the top-selling collection, Courtyard, recording a 3.07% downturn. Despite this, the NFT sales volume still stands at $14,535,017.
El Salvador has taken steps to secure its Bitcoin holdings, splitting $678M across fourteen wallets to minimize quantum risk.
In the realm of smaller cap coins, Ballswap ($BSP) has experienced a staggering 3165.87% rise, with its price at $0.000003593. Auto ($AUTO) has also seen a significant jump, with a 1128.57% increase that has pushed its price to $109.70. Snowy Owl ($SWOL) has gone through a 4450.94% upsurge, with its price at $0.000006457.
In positive news from the regulatory front, Hong Kong Monetary Authority's Vice President, Chan Wai-man, has encouraged mainland entities to utilize blockchain technology for payment solutions.
The Crypto Fear & Greed Index has plunged to 39 points, indicating a sense of "Fear" among investors. As always, it's crucial to stay informed and make decisions based on thorough research and understanding.
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