Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin failed to sustain a rally towards $70,000, influencing a broader market decline where the CoinDesk 20 index also fell by nearly 2%.
Traders said the stablecoin volume, which often correlates with liquidity and buying power in the crypto market, has not grown, potentially signaling a slowdown in crypto market growth.and xrp led losses among majors tokens amid a broader market downturn as traders took profits from a move higher earlier this week and U.S.-listed bitcoinDOGE dropped 5% while XRP fell 4% as bitcoin failed to continue a Monday rally to nearly $70,000.
Market action remained generally flat on mid-caps and low-caps. However, memecoin bonk and governance token APE dropped over 7% to lead losses among smaller tokens. “The main reason for the entire crypto market's subsidence seems to be Bitcoin, which the bears defended against an assault on the $70K level,” Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk in an email. “They intensified selling at $69.5K early in the day on Monday and dropped the price to $66.5K on Tuesday morning.”
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