Today, the broader digital asset market dropped from yesterday’s rebound. Its market capitalization fell by 1.83% to $2.76 trillion over the past 24 hours, and its transaction volume decreased by 28.36% to $75.28 billion. Also, the fear and greed index dropped to 31 from the previous day’s 49, indicating investors’ sentiment remains in fear.
After yesterday’s impressive recovery, boosted by the US Fed’s move to maintain the lending rate, today’s crypto market entered into pessimistic territory. The drop came after Trump’s speech at the Digital Asset Summit didn’t make a concrete announcement for the crypto strategic stockpile. Trump reiterated his commitment to support the digital asset landscape and the crypto strategic reserve program. However, his speech failed to arouse new enthusiasm as investors had expected positive developments from the president.
How is the market performing today?
As a result, the market encountered selling pressure, with most major assets trading down 1-5% today. Bitcoin failed to surpass the $85k mark. Its price is currently standing at $83,970, after seeing a 2.26% decline over the past 24 hours. Ethereum also failed to break the $2,000 level, currently trading at $1,966 at press time.
Meanwhile, Solana dipped as much as 5.18% to hover at $127.63. XRP, Dogecoin, and Cardano are also down 2.49%, 2.34%, and 3.70% respectively. Despite the decline, the market is displaying resilience as data shows that derivative traders maintain their robust bullish sentiment. ORCA experienced a 70% price rise following its listing on Upbit today.
Top news in the market
First, Pump.fun announced the launch of its decentralized exchange built on the Solana blockchain. Pump.fun’s meme coins will now trade the new DEX, popularly known as PumpSwap, replacing Raydium as the main trading avenue for memecoins created on Pump.fun.
Elsewhere, Canary Capital has filed for the SEC’s approval to launch an ETF that tracks both NFTs and cryptocurrency. Canary plans to launch a PENGU ETF, which will track the price of Pudgy Penguins NFTs and the PENGU cryptocurrency.
Lastly, the Australian government has released new crypto regulations, aiming to ensure that digital asset platforms and fintechs comply with the same regulatory laws adhered to by other financial service providers. With the new regulations, cryptocurrency platforms and exchanges now have to meet minimum capital requirements to help avoid catastrophes like the FTX collapse. Furthermore, crypto platforms are required to acquire an Australian Financial Service License.
Top small-cap gainers
DebtReliefBot (DRB) emerged as the best performer in today’s crypto market with a price surge of 98.9% over the past 24 hours. It was followed by Banana for Scale (BANANAS31), which recorded a price rise of 87.2%.
Kekius Maximus (KEKIUS) took the third position with a price growth of 61.6%. Next is Layer3 (L3), which registered a price jump of 56.3%. Lastly, First Broccoli (Broccoli) made it to this list of top five best performers with a price hike of 41.3%.
