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Uphold Market Commentary
Assets mentioned: $BTC, $ZEC, $XMR, $XRP, $BAL, $ZK, $SOL, $TAO, $DASH, $ICP
The crypto market cooled off over the past 24 hours, with Bitcoin holding just above $103k and the total market capitalization sliding 4.4% to $3.53 trillion. Altcoins saw heavier losses, though privacy coins continue to see light. Zcash surged into double-digit gains, overtaking Monero in market cap at roughly $6.63 billion.
On the macro front, China’s central bank is teaming up with Hong Kong on a new blockchain platform for cross-border payments, while Hong Kong itself is loosening crypto trading rules and exploring exchange linkages with global venues. Ripple announced the launch of its digital asset prime brokerage for U.S. clients, and reports suggest Coinbase is in late-stage talks to acquire stablecoin issuer BVNK for around $2 billion.
The DeFi space faced another setback after Balancer was exploited for roughly $110 million, while zkSync rolled out its “Atlas” upgrade and Solana’s DeFi ecosystem continued to show strong activity. Meanwhile, AI agents are quietly beginning to build their own onchain economies, hinting at a deeper convergence between artificial intelligence and crypto infrastructure.
Amid the broader market weakness, the Bittensor subnet economy's market cap hit a new all-time high of $1.5 billion. TAO, one of the leaders of October, has taken quite a hit over the past week and is now trading around $415 on Uphold Ascent. Dash and Internet Computer both rallied nearly 50% on the day despite limited news catalysts – welcome green in a sea of red.
Market sentiment remains wobbly but not panicked. Whales are moving coins, AI tokens are, again, under pressure, and bearish signals are emerging. Still, with potential rate cuts and new ETFs on the horizon, traders view this as a pause rather than a plunge – just another day in crypto.
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