In short: The crypto economy has dropped over 5% against the US dollar in the last 24 hours, with smart contract token losing over 8% and the total value locked in decentralized finance (defi) getting awfully close to falling below the $40 billion range after a 5.65% decrease. This downturn has seen the loss of $4.23 billion in five days with TVL nearing the value lost in March 2023, and the top smart contract token economy has lost 8.6% of its value. Robinhood's delisting of Cardano, Solana and Polygon has caused over 20% loss in value, while Ethereum retains its position accounting for $209 billion of the total market capitalization of $312 billion.
Our quick analysis:
The crypto market has lost more than 5% in the past 24 hours, causing the total value locked (TVL) in decentralized finance (DeFi) sector to drop below $40 billion. The TVL has not been this low since March 2023, and this has become a cause for concern among investors. The recent downturn is also affecting the top smart contract token sector, as three tokens, Cardano (ADA), Solana (SOL), and Polygon (MATIC) lose more than 20% of their value since Robinhood announced that it would delist these coins on June 27, 2023.
The overall market capitalization of the top smart contract token economy is currently $312 billion, but it has lost 8.6% of its value since yesterday. The TVL in DeFi has recorded losses in the last 24 hours with all the top ten DeFi protocols affected, and only Lido Finance saw gains in the last 30 days.
However, since the crackdown on centralized crypto exchanges, there has been a significant increase in DeFi activity and decentralized exchange (dex) trade volumes. The largest dex by trade volume, Uniswap, has benefited the most from the influx of dex trades since the recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
So, is the recent downturn in the crypto market just a temporary setback for smart contract tokens and DeFi? Or is it a sign of deeper troubles ahead? Only time will tell. But one thing is certain, the crypto market is unpredictable, and investors should be cautious with their investments.
Do you think the current downturn in the crypto market is temporary, or could it lead to deeper troubles? Share your thoughts and predictions on the future of the crypto economy and its impact on DeFi in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The crypto market has lost more than 5% in the past 24 hours, causing the total value locked (TVL) in decentralized finance (DeFi) sector to drop below $40 billion. The TVL has not been this low since March 2023, and this has become a cause for concern among investors. The recent downturn is also affecting the top smart contract token sector, as three tokens, Cardano (ADA), Solana (SOL), and Polygon (MATIC) lose more than 20% of their value since Robinhood announced that it would delist these coins on June 27, 2023.
The overall market capitalization of the top smart contract token economy is currently $312 billion, but it has lost 8.6% of its value since yesterday. The TVL in DeFi has recorded losses in the last 24 hours with all the top ten DeFi protocols affected, and only Lido Finance saw gains in the last 30 days.
However, since the crackdown on centralized crypto exchanges, there has been a significant increase in DeFi activity and decentralized exchange (dex) trade volumes. The largest dex by trade volume, Uniswap, has benefited the most from the influx of dex trades since the recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
So, is the recent downturn in the crypto market just a temporary setback for smart contract tokens and DeFi? Or is it a sign of deeper troubles ahead? Only time will tell. But one thing is certain, the crypto market is unpredictable, and investors should be cautious with their investments.
Do you think the current downturn in the crypto market is temporary, or could it lead to deeper troubles? Share your thoughts and predictions on the future of the crypto economy and its impact on DeFi in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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