Crypto Market Faces Sell-Offs as Tokenization Decouples from Bitcoin
Crypto Market Faces Sell-Offs as Tokenization Decouples from Bitcoin
Despite a fearful market sentiment that some analysts believe could pre-empt an unexpected rally, the broader crypto market has seen significant selling pressure. Tokenization demand, however, is showing independence from Bitcoin's price movements, suggesting institutional interest is maturing. Meanwhile, major cryptocurrencies including Bitcoin, Ethereum, XRP, and various altcoins experienced sell-offs from resistance levels, indicating a challenging period for price recovery.
Crypto market sentiment remains fearful as the broader market continues to slump, but that could be a good thing, as weak hands sell off, Santiment argued.
Galaxy tokenization head Thomas Cowan says interest in tokenization is now “independent of the price of Bitcoin” as institutions have started to see the benefits.
Bitcoin bulls tried to spark a recovery, but were met with heavy selling pressure near $107,000. A similar fate awaited most altcoins, which sold off from their respective resistance levels.