Crypto Market Resists Tech Sell-Off Despite $10 Billion Stablecoin Outflow
The crypto market has shown resilience despite the recent tech sell-off, remaining above its 50-day moving average and supported by $2.14 trillion in capitalisation.
In contrast to AI stocks, which have attracted increased interest since the start of the year, cryptocurrencies have held firm, with top performers including Cardano (+4.8%), Uniswap (+3.1%), and XRP (+3%.)
Bitcoin dipped below $63K before recovering to $64.3K, supported by long-term investors who are not overly concerned about the sell-off in the semiconductor sector.
The market is also being influenced by institutional investors, with Strive increasing its Bitcoin holdings to 20,000 BTC and USDC stablecoin inflows into crypto exchanges exceeding outflows for the first time in over two months.