Bitcoin trades near $78,000 as memecoins, small caps lead a broad crypto retreat
Cryptocurrency markets experienced a broad retreat, with memecoins and small-cap assets leading the decline while Bitcoin traded near $78,000. The market downturn occurred overnight, contrasting with stability in traditional financial markets like the S&P 500.
Why it matters
It illustrates the ongoing volatility in the crypto sector and the divergence between digital asset performance and traditional macroeconomic indicators.
Ether ETH $ 2,467.78 is marginally higher on the day at $2,470, but down 1.9% over 24 hours, while BNB BNB $ 717.46 posted the worst 24-hour performance among the large-cap cryptocurrencies, falling 5.1%.
Only five of the CoinDesk 100 constituents are higher over 24 hours. The index itself has dropped 3.7% over the past 24 hours.
The selling has been concentrated in the speculative end. The CoinDesk Memecoin Index has fallen 10% over 24 hours and the small-cap CoinDesk 80 has lost 5.1%, against 2.3% for the CoinDesk 5.
Since midnight, the session has been calmer, with 86 of the CoinDesk 100 constituents lower and the index down just 0.54%, so the bulk of the damage was done overnight.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in