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Hyperliquid (HYPE) leads the decline, dropping 4.76% in 24 hours.
Bitcoin and Ethereum both fell sharply, down 1.76% and 2.34% respectively.
Thailand has approved a five-year tax exemption on crypto gains to boost adoption and investment.
The global crypto market cap dropped by 1.83% in the last 24 hours. It now stands at $3.82 trillion. Most major tokens are down. Bitcoin has slipped below $106K. HYPE fell sharply, and XRP also saw a steep decline. Profit-taking and global uncertainty are likely reasons for the market dip.
Let’s take a closer look at how the world’s top tokens are performing today.
Bitcoin is currently priced at $105,508.96, representing a 1.76% decrease over the past 24 hours. Its market cap is $2.09 trillion, and daily volume is $53.33 billion.
Four public companies announced large Bitcoin purchases today. These include DDC Enterprise and Fold Holdings. Together, they plan to spend $844 million on BTC. Mining company BitMine Immersion also confirmed a $16.3 million Bitcoin buy. Despite this, Bitcoin still dropped. This shows that investor sentiment remains cautious.
Ethereum is now at $2,536.41, down 2.34%. It has a $306.2 billion market cap and $23.96 billion in trading volume. Many large holders have started selling ETH. Last week’s gains led to profit-taking. ETF developments are still being closely watched.
XRP lost 3.25% today and now trades at $2.17. Its market cap is $127.91 billion, and volume reached $3.33 billion. After strong gains last week, traders seem to be taking profits. The broader market drop has added to the pressure.
Hyperliquid (HYPE) is down 4.76%, now priced at $40.82. Its market cap is $13.63 billion, and volume today hit $478 million. Pharma tech firm Eyenovia announced a $50 million investment in HYPE. It also said it would rebrand to Hyperion DeFi. Still, the token dropped significantly.
SUI fell 3.98% to $2.90. Its market cap is $9.87 billion, and daily volume exceeded $1 billion. Selling pressure overwhelmed buyers despite high activity.
Cardano (ADA) dropped 2.31% to $0.6192. Market cap is now $21.89 billion.
Dogecoin (DOGE) is down 1.58% to $0.1715. Trading volume hit $1.06 billion.
TRON (TRX) lost 1.17%, now at $0.2732. It is seeing continued DeFi activity in Asia, but not enough to support the price.
Also Read: Senator Warren Warns GENIUS Act Could Let Tech Giants Track Users via Stablecoins
Solana (SOL) is at $148.73, falling 2.96%. Its market cap is $78.5 billion. Despite recent DeFi and NFT activity, Solana also slipped.
BNB dropped just 0.51% to $652.74. It saw a daily volume of $1.76 billion.
Tether (USDT) is still at $1.00, with $81 billion in volume and a $155.5 billion market cap.
USD Coin (USDC) is also steady at $1.00, with $10.84 billion in trading volume.
The following global news may affect crypto prices today and in the long run:
The US Senate approved the GENIUS Act with a 68-30 vote. The bill focuses on stablecoin regulation and near-instant payments. Senator Bill Hagerty introduced the bill. It now moves to the House of Representatives. This could bring more clarity to US crypto regulation. The vote follows controversy involving Donald Trump and World Liberty Financial, creators of the USD1 stablecoin.
Thailand’s Ministry of Finance announced a tax exemption on crypto capital gains. It applies from January 1, 2025, to December 31, 2029.
Deputy Finance Minister Julapun Amornvivat said the goal is to make Thailand a crypto hub. The government expects crypto to boost the economy by at least 1 billion baht ($30.7 million). The plan also promotes AML compliance and boosts investor confidence.
Today’s drop comes despite positive news. Institutional interest in Bitcoin is growing. Governments in the US and Thailand are pushing supportive policies. Still, prices fell across the board. That suggests short-term caution remains strong. However, long-term signals are turning positive. Adoption and regulation are both heading in the right direction.
Also Read: Crypto Market Update: SRM Becomes Tron Inc, Purpose Investments Launches XRP ETF
