Today, the wider digital asset market remains stagnant, anticipating economic policy updates from President Trump. Its market cap saw a slight rise of 0.25% to $3.23 trillion. Its market volume experienced a 31.05% decline to $119.55 billion. As a result, the fear and greed index decreased to 49, indicating neutral market sentiment. This means there is no fear or greed among traders as the market currently balances selling and buying pressures.
During the past weekend, the broader market saw a significant decrease after Trump announced plans to begin huge tariffs on goods from Mexico, Canada, and China. However, on Tuesday, the market witnessed some relief after the president postponed the tax proposals following agreements with his counterparts from Canada and Mexico. Since yesterday, the market remained stagnant even after the SEC established a new crypto task force to create a new cryptocurrency regulatory framework.
In other words, the current market correction is majorly fueled by macroeconomic factors and investor sentiment. Protectionist trade policies recently introduced by Trump have caused wider market liquidations, impacting both traditional and digital asset markets.
Bitcoin holds steady at $98,000
Today, BTC is still stagnant at around $98,000 even after witnessing a slight rise of 0.28% in the past 24 hours. Its dominance holds steady at 60.37%, currently standing at $1.94 trillion. Its trading volume decreased by 31.99% to $44.64 billion.
Altcoin market down
In the altcoin sector, assets in the top 10 major virtual currencies are in a consolidation mood. ETH price rose by 2.52% to $2,833. XRP and Solana registered 2.73% and 1.52% price decreases to $2.44 and $201.58 respectively. Dogecoin and Cardano are also down 0.67% and 0.91% respectively.
Top news
Today, major events that gained spotlight in the crypto market include the following:
First, Binance and other major centralized exchanges will list Berachain (BERA) in their trading platforms. The listing announcement attracted the attention of market traders who are eagerly waiting for the new cryptocurrency’s official trading. Binance added Berachain to its airdrop program, which will see a grand distribution of BERA tokens to eligible users.
Elsewhere, MicroStrategy rebranded its trading name to Strategy to reemphasize its focus on Bitcoin and artificial intelligence (AI). The company described the two narratives as the most innovative technologies in the 21st century.
Moving down, Pudgy Penguins burned 13.68% of the total PENGU supply after the closure of its recent airdrop. The huge burning removed 12.16 billion coins from circulation, decreasing the total supply to 88.88 billion. Although such a deflationary measure normally creates scarcity and bolsters long-term value, the PENGU price has dropped in the short term. This decrease in value means the recent airdrop caused an expanded token supply to the market, leading to increased selling pressure. Despite the decreased circulating supply, traders recouping profits has caused a bearish short-term impact.
Top gainers
As usual, new upcoming tokens often emerged as top gainers in daily crypto market performance.
Smart AI (SMART) stood out as the top performer in today’s market. The token experienced a tremendous price rise of 375% in the past 24 hours. It was followed by HYPERSKIDS (HYPERSKIDS), which witnessed a massive price surge of 203% over the same period.
FPI Bank (FPIBANK) took the third position after registering an impressive 132% rise. Lastly, Miracle Play (MPT) and Fartboy (FARTBOY) recorded price increases of 76.6% and 71% respectively.
