The damage grew heavier further down the market, as the CoinDesk 80, which tracks a wide basket of smaller tokens, lost nearly 4% over the past 24 hours, against 2.5% for the CoinDesk 5. DeFi tokens fell almost 6% while the Memecoin Index tumbled by around 5%. Only a handful of tokens including SAND, PUMP and STX have managed to rise since midnight UTC
Liquidations climbed 235% to $547 million over the past 24 hours, according to CoinGlass. Ether ETH$2,505.85 positions accounted for $174 million of that as it trades at $2,600 having lost 3.5% since midnight
Demand from U.S. spot bitcoin ETFs had held up going into the drop. The funds took in $119 million on Tuesday, according to SoSoValue, their fourth day of inflows in the last five sessions
Minutes of the Fed's September meeting, when it raised rates by a quarter point, are due later Wednesday. Weaker jobs data has made another increase this month look less likely, Dan Khus, chief analyst at LVRG Research, told CoinDesk. Traders will be watching whether the minutes sound patient or still point to one more hike before year-end, he said
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
