Bitcoin BTC$77,667.39 is holding near $78,000, down 0.23% since midnight UTC and 2% over 24 hours, according to CoinDesk Indices data. The decline wipes out Wednesday's advance and leaves the largest cryptocurrency 5.1% below the $82,284 high it reached last week.
Ether ETH$2,485.60 is marginally higher on the day at $2,470, but down 1.9% over 24 hours, while BNB BNB$754.38 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.
Traditional markets offer no explanation: S&P 500 index futures are up 0.22%, Nasdaq futures are unchanged, gold has added 0.16% and the Dollar Index is unchanged. U.S. producer price inflation data for August is due later today, with the Consumer Price Index on Friday setting the tone for next week’s interest-rate decision.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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