Crypto Market Mixed Amid Regulatory Watch and Stimulus Influences
The current market mood in cryptocurrencies is mixed as major coins remain resilient while some recent outperformers face downward pressure.
Privacy-focused coins Monero (XMR) and Zcash (ZEC) fell more than 4% over the last 24 hours, whereas Bitcoin (BTC), Ethereum (ETH), XRP, and Solana maintained relative stability.
The DeFi Select and Smart Contract Select Indices rose approximately 5% and 4% respectively since early Asian trading hours, indicating targeted growth amid cautious sentiment.
Zcash has seen a remarkable surge of over 500% since September but is now showing a bearish double-top pattern with a neckline around $423. A break below this level might signal a shift in leadership towards bearish traders.
Arca CIO Jeff Dorman addressed and dismissed rumors regarding Michael Saylor liquidating his BTC holdings, noting that Saylor’s position is likely safeguarded unless Bitcoin experiences a collapse.
Analyst Ryan Lee from Bitget emphasized monitoring upcoming U.S. regulatory developments concerning ETFs, stablecoin payment frameworks, and exchange oversight, cautioning that these could pivot market sentiment back to risk-on.
Japan’s 10-year government bond yields surged amid reports of an approximate 17 trillion yen stimulus package. Given Japan’s high debt-to-GDP ratio of about 240%, this could influence bond markets and exert pressure on risk assets, including cryptocurrencies.
Current market data from Crypto Daybook Americas reports Bitcoin trading around $95,734, Ethereum at about $3,201, Bitcoin dominance near 59.43%, the Ether-to-Bitcoin ratio at approximately 0.03341, a network hashrate near 1,123 EH/s, hashprice around $39.80, and total fees equating to 2.61 BTC.
Additional market indices, ETF movements, and token activity were noted to provide context on the day’s overall cryptocurrency market conditions.
