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Why is Crypto Taking a Dip Today? Market Overview

The global cryptocurrency market capitalization stands at $2.43 trillion today experiencing a 3.2% decrease in over 24hs
April 29, 2024

The global cryptocurrency market has seen a 3.2% decrease in its capitalization over the past 24 hours, standing at $2.43 trillion. Among the top 100 coins per market cap, only five have seen their prices increase, with Ribbon Finance (RBN) leading the list with a 23% surge to $1.14.

However, most coins are in the red, with CORE facing the most significant decline, dropping 10.5% to $2. Other notable losses include PEPE and FLOKI, which are down nearly 10%. 

The top 10 coins per market cap are also experiencing a downturn, with Solana (SOL) leading the decline with a drop of 6.2% to $134.84. Toncoin (TON) follows with a fall of nearly 6% to $5.24, and Dogecoin (DOGE) decreased by 5.8% to $0.1414.

Bitcoin (BTC) declined by 2.6%, currently trading at $62,255, while Ethereum (ETH) went down 4.1%, changing hands at $3,182. Interestingly, Ethereum gas fees have dropped significantly to $1.12 – their lowest levels in six months.

Analysts from crypto analytics platform Santiment suggest that this decline could be a signal for an upcoming altcoin rally. Also, Australia's main market operator, ASX, is on track to approve the country's first spot-based Bitcoin ETFs by the end of 2024.

In other crypto news, US-based crypto platform Anchorage Digital is launching its settlement network, Atlas, for institutional clients. 

Atlas, short for Anchorage Digital Trusted Liquidity and Settlement, is the only settlement network offered by a federally chartered bank. It is purpose-built for all types of institutional counterparties, including buy- and sell-side, and exchanges. 

Atlas facilitates a wide range of settlements, including OTC settlement, OTC margin/collateral management, and off-exchange settlement. It allows funds 24/7, enabling customers to settle in crypto and USD within a few minutes. 

Anchorage Digital ensures the segregation of assets with verifiable wallet addresses, with funds settling to bankruptcy-remote custody. The settlement is fully on-chain, not reliant on settlement providers' books, and assets are never commingled. Additionally, customers can access global counterparties, including clients of both Anchorage Digital Bank and Anchorage Digital Singapore. 

Notably, Anchorage Digital is the only custodian to provide on-demand settlement directly between participants without escrow, collateral, or the use of omnibus accounts.

SKALE Network, a gas-less EVM-compatible blockchain designed for Ethereum scaling, and Virtualness, a mobile-first platform powered by generative AI and blockchain, announced a strategic partnership aimed at redefining digital engagement.

Virtualness, serving 260,000 users and recently signed to work with Asia’s largest football league Liga1, will provide sports fans access to exclusive NFT moments, player cards, rewards, loyalty programs, real-world experiences, and gamification on the Virtualness platform, powered by SKALE. 

Thanks to the partnership, Virtualness’ users will leverage SKALE’s high-throughput, zero-gas-fee transactions, and instant finality capabilities. With SKALE, sports fans, enterprises, organizations, and all Virtualness users can now mint for free, further democratizing access to digital asset ownership.

The Virtualness platform offers a user-friendly interface for creating, minting, and showcasing digital goods, requiring no knowledge of crypto or blockchain. It allows sports, enterprises, and creators to interact with their communities directly. Virtualness will soon offer more on-chain assets, including NFT player cards, prizes via SKALE tokens, and transparent storage and sharing of game data, such as leadership board scores and prize information.

In conclusion, while the cryptocurrency market is experiencing a decline today, developments such as the approval of Australia's first spot-based Bitcoin ETFs and the launch of Anchorage Digital's settlement network Atlas are significant steps toward broader adoption and innovation in the crypto space. Additionally, partnerships like SKALE Network and Virtualness aim to redefine digital engagement, offering users new ways to interact with digital assets.

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