Smaller cryptocurrencies underperformed the CMI's 1% decline, which tracks the performance of a broad basket of tokens, though dominated by BTC and ETH. The native tokens of layer 1 blockchain Solana , Tron and Avalanche each sunk 3-4%.
"Despite BTC and ETH's indifferent response to macroeconomic factors and their current sideways trading, the market anticipates a rise in volatility and a possible significant BTC price increase by year's end due to factors like the Blackrock spot ETF ruling and the “Larry was a nonbeliever," said Novogratz."Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” Novogratz added, while also mentioning that Galaxy Digital is committed to maintaining a presence in New York.
Meanwhile, Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, said bitcoin’s ability to shrug off macroeconomic events, or even material technical events like the, has created a recent “sustained sentiment shift” to the upside in the markets.
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