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Today in Crypto: Daily News Digest

Why is crypto down? The global cryptocurrency market capitalization stands at $2.49 trillion, marking a 4.1% drop
April 26, 2024

The global cryptocurrency market witnessed a significant drop today, with the total market capitalization falling to $2.49 trillion, down by 4.1% compared to yesterday's figures, according to CoinGecko.

Interestingly, out of the top 100 coins, only two have shown a minor increase in the last 24 hours, each less than 1%. Tron (TRX) is up by 0.5% to $0.114, while EOS rose by 0.3% to $0.8643.

However, some coins experienced substantial declines. Hedera (HBAR) registered the highest drop, plummeting by 15.3% to $0.1127, followed by Algorand (ALGO), which decreased by 14.6% to $0.2028. Six other coins have seen double-digit falls.

Among the top 10 coins, all are in the red. Solana (SOL), Dogecoin (DOGE), and Toncoin (TON) lead the way with drops above 7%. Binance Coin (BNB) experienced the least fall, declining by 0.2% to $607. Bitcoin (BTC) is down by 3.9%, currently trading at $63,999, while Ethereum (ETH)’s price decreased by 3.6% to $3,135.

Moreover, major financial institution Morgan Stanley is reportedly exploring an expansion of its Bitcoin ETF sales. It plans to allow its 15,000 brokers to actively recommend these products to customers.

The drop in the crypto market coincides with several developments in the industry. Among them is the partnership between Venom Blockchain and United Network to create a blockchain-powered payment infrastructure. This initiative aims to transform the use of stablecoins and central bank digital currencies (CBDCs) by integrating United Network’s payment infrastructure with blockchain smart contracts. 

Another significant announcement came from rock and heavy metal band The Shredderz, which is launching a new Web3 community. Their goal is to enable fans to actively participate in their favorite band’s success through blockchain and emerging technologies.

Additionally, Soarchain announced the launch of its mainnet vehicle data network. Users can now upload their vehicle data in real-time, converting their vehicles into connected, data-rich platforms. This marks an essential step forward for connected mobility, offering user-owned and incentivized solutions across various sectors.

Overall, while the crypto market may be experiencing a downturn today, the industry is witnessing significant advancements and innovations that are poised to shape its future.

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