Crypto Market Holds Firm Despite Stock Slump
The crypto market has shown resilience in the face of the stock market slump, holding steady at $2.19 trillion in market capitalization over the past 24 hours.
This is a significant departure from earlier this year, when cryptocurrencies and equities were moving in tandem, with the crypto market suffering as the Nasdaq tech index fell.
However, with the sharp sell-off in the equity market now, the crypto market is benefiting from its divergence from traditional assets. Among the most actively traded coins, some are even showing gains, such as Uniswap and Zcash, which have increased by 4% and 2.1%, respectively.
Bitcoin, currently trading around $64K, has found support on dips towards $63K, but is lacking a clear upward trend due to the risk-off sentiment in the market. This is partly attributed to institutional investors adopting a passive stance, with ETF inflows being weak and major players awaiting clearer signals from the Fed regarding interest rates.