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XRP Leads the Way as Top 10 Cryptocurrencies Experience Decline

XRP Leads the Way as Top 10 Cryptocurrencies Experience Decline

During Monday’s trading in Hong Kong, Bitcoin and Ether experienced a decline, with XRP leading the losses among the top 10 non-stablecoin cryptocurrencies by market capitalization. Due to regulatory concerns and an absence of positive catalysts, investor sentiment remained subdued.

Crypto Market Remained Mostly Unchanged

During afternoon trading in Asia, Bitcoin remained relatively unchanged, trading at $29,010 as of 4:30 p.m. in Hong Kong. This comes after it fell below the $30,000 support level on July 24th.In contrast, Ether experienced a slight increase of 0.32% during afternoon trading in Asia, reaching a value of $1,832. However, it declined by 1.94% over the past week.

The current investor sentiment in the crypto space is being shaped by a combination of factors, including a lack of positive catalysts and concerns over increased regulatory scrutiny. 

Crypto Market Remained Mostly Unchanged

For example, Binance is not only facing a lawsuit from the Commodity Futures Trading Commission but may also be facing fraud charges from the U.S. Department of Justice. These developments are contributing to an atmosphere of caution and uncertainty among crypto investors.

On Monday, on-chain intelligence firm PeckShield announced that Curve Finance had recovered $52.3 million, or approximately 73% of the stolen $73.5 million, providing a glimmer of hope for investors. However, the first Curve-ETH exploiter has yet to return the remaining $19.7 million worth of crypto.

In the crypto market, the XRP token experienced the largest decline among the top 10, falling 3.3% in the past 24 hours to $0.6139. This was followed by Solana’s SOL token, which declined by 1.3% to $23.08. 

According to data from CoinMarketCap, the total crypto market capitalization experienced a decline of 0.31% over the past 24 hours, falling to $1.16 trillion. In contrast, market volume saw an increase of 12.95%, reaching $22.69 billion. 

According to CryptoSlam, Bitcoin’s 24-hour non-fungible token (NFT) sales continued to decline last week, falling by 17.79% to $424,710. This caused the network to slip to the seventh largest blockchain by 24-hour NFT sales volume. On the other hand, Ethereum’s 24-hour NFT sales experienced a decline of 13.06%, falling to $10.23 million.

However, sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, saw an increase of 56.98%, reaching $697,324. Additionally, CryptoPunks sales also rose by 53.80% to $177,238

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