Crypto Market Enters Downturn as $BTC Holders Trigger Offloading

The crypto sector has faced a sheer downturn with selloffs witnessed across the top crypto assets like Bitcoin ($BTC). As a result of this de-risking approach, the crypto market capitalization has plunged by 5.70%, hitting the $2.81T mark.

However, the 24-hour crypto volume has reached $179.76B after a 61.81% increase. Concurrently, the Crypto Fear & Greed Index stands at 28 points, showing an overwhelming “Fear” across the market.

Bitcoin Drops by 6.07% and Ethereum Shows a 9.41% Decrease

Particularly, the flagship crypto asset, Bitcoin ($BTC), is changing hands at $78,771.29. This highlights a 6.07% dip over the past twenty-four hours. This comes after the major sell-offs by the $BTC holders.

Additionally, the market dominance of Bitcoin ($BTC) sits at 58.7%. Similarly, the leading altcoin, Ethereum ($ETH), is trading at $2,438.71 after a 9.41% dip. In the meantime, the market dominance of $ETH is almost 11.7%.

$BPX, $TRUMP, and $CHAMPAGNE Dominate Today’s Crypto Gainers

Apart from that, the list of key crypto gainers of the day includes Black Phoenix ($BPX), PEPE ($TRUMP), and Formula 1 ($CHAMPAGNE). Particularly, $BPX has recorded a 1545.62% increase, reaching $0.1787 in terms of price.

Following that, a 1198.25% rise has placed $TRUMP’s price at $0.00002205. Subsequently, with a 1121.60% surge, $CHAMPAGNE presents a 1121.60% spike at $0.0009681.

DeFi TVL Incurs 5.97% Loss While NFT Sales Volume Climbs by 7.67%

Simultaneously, the DeFi TVL accounts for $108.666B after a 5.97% dip. Additionally, the top DeFi project, Aave, has seen a 6.29% decrease, touching the $30.105B mark. Nevertheless, when it comes to 1-day TVL change, EggTartSwap is the leading DeFi player, showing a 3947% jump over the past twenty-four hours.

In the same vein, the NFT sales volume has climbed by 7.67%, claiming the $7,011,361 figure. Additionally, the top-selling NFT collection, “0xbb5…ca16f” from on Base blockchain, has witnessed a 66.64% increase, reaching $435,190.

South Korea Boosts Corporate Crypto Adoption as SEC Faces Staff Cuts

Moving on, the crypto sector has also recorded several other key developments across the globe. In this respect, South Korea is planning to expand corporate capitalization of cryptocurrency investments to the ten percent of overall equity.

Moreover, because of a government shutdown in the United States, SEC is working with decreased staff impacting the regulatory processes. Furthermore, BlackRock has expressed a plan for a Bitcoin income exchange-traded fund (ETF) via covered-call strategy.