- The crypto market lost about $ 20 billion of its value in 24 hours.
- DeFi tokens suffered the hardest.
- A drawdown was triggered by macroeconomic factors.
Aggressive sales in the cryptocurrency market have hit the most painful blow to the decentralized finance (DeFi) segment, pushing it off the recent all-time highs we could previously see.
Cryptocurrency markets have lost about $ 20 billion of their value in the last 24 hours. As a result, their capitalization also dipped below $ 315 billion at the time of writing, in accordance with the data of TradingView.
The good news is that this is not the largest intraday drop this year.
The traditional catalyst for the collapse was the bitcoin rate (BTC). It slipped 5% to the $ 10,400 area and retains the potential for further decline. This could happen later this week amid the CME futures expiration. Potentially, it is impossible to exclude the fall of the currency in the region of $ 9,500.
DeFi tokens are sinking
Historically, the fall in the bitcoin rate pulls the entire market down with it. Definitely, this week we see another confirmation of this.
A whole line of DeFi tokens has suffered double-digit losses in the last 24 hours. These include LEND, CRV, UNI, SUSHI, BAL, UMA, KAVA, REN, SNX, SWRV, and YFI.