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As risk appetite weakened in the cryptocurrency markets, selling pressure increased, with recently prominent memecoin and DeFi projects leading the declines.
Investors on Wall Street have adopted a cautious stance, increasing market uncertainty ahead of the release of US employment data and the Supreme Court’s decision on tariffs.
The Memecoin Index experienced the sharpest decline across all sectors in the last 24 hours, falling 8.6%. The DeFi Select and Metaverse indices also saw drops of over 5%.
Bitcoin, the leading cryptocurrency by market capitalization, fell below the $90,000 level in the Asian session, continuing its pullback from its peak above $93,600. It is noted that Bitcoin encountered strong support around $89,200, stemming from the 50-day simple moving average.
FXPro Chief Market Analyst Alex Kuptsikevich stated that it will become clear towards the end of the week whether this level is a lasting support or if the move seen at the beginning of the year was a “false breakout”.
While major altcoins like Ethereum, Solana, XRP, and Dogecoin lost between 2% and 6% of their value, some smaller tokens saw limited gains. Privacy-focused Zcash, however, experienced a sharp 15% drop after its development team left the foundation supporting the project.
The risk-aversion trend was further fueled by funds exiting US-listed spot Bitcoin ETFs. These ETFs recorded a net outflow of $729 million in a single day, giving back a significant portion of the strong inflows seen earlier in the week.
Analysts warn that US unemployment data and potential tariff decisions could cause fluctuations not only in traditional markets but also in crypto assets.
*This is not investment advice.