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What happened in crypto this week? A crypto crash breakdown
The cryptocurrency market has faced a significant downturn over the past week, with a decline of 8.2%. The sudden drop was attributed to various factors, including global market fluctuations and regulatory concerns.
In terms of token categories, Meme tokens have seen an increase in their popularity, growing by a whopping 16.9% this week. This growth is largely driven by the rise of new meme-based projects that are gaining traction among investors.
On the other hand, Stablecoins have shown resilience, with a modest growth of 0.8%. This could be attributed to the token’s inherent stability and low volatility.
The top 10 tokens in terms of market capitalization have seen significant drops, with Bitcoin (-14.5%), Ethereum (-12.1%), and other major cryptocurrencies experiencing losses.
Meanwhile, Centralised Exchange Tokens saw a decline of 4.1%, indicating a shift away from traditional exchange-based models towards decentralized alternatives.
In the midst of this downturn, some tokens showed remarkable growth. Binance HODLer Airdrops surged by an astonishing 181.3%, demonstrating the potential for unexpected market movements.
The US Federal Reserve cut interest rates by 25 basis points in response to global economic uncertainties. The move is expected to have a ripple effect on the cryptocurrency market, as investors reassess their portfolios and risk tolerance.
In this difficult environment, it is essential to be cautious and vigilant when investing in cryptocurrencies. It is crucial to stay informed about the latest developments in the crypto space and consider multiple factors before making investment decisions.
Stay tuned for more insights into the crypto world by following our Crypto Market Weekly Report series!
Source: coinpedia.org
