Major cryptocurrencies remain stable while privacy-focused coins face renewed selling; analysts cite regulatory shifts and macroeconomic factors as key market drivers.
The cryptocurrency market shows mixed sentiment, with privacy-focused coins Monero and Zcash dropping over 4% in 24 hours while Bitcoin, Ether, XRP, and Solana held steady after recovering from weekend lows. CoinDesk’s DeFi Select and Smart Contract Select Indices rose 5% and 4%, respectively, indicating strength in certain sectors. Zcash, up over 500% since September, is forming a bearish double top pattern. Analysts note potential shifts from upcoming U.S. regulatory developments regarding ETFs and stablecoin frameworks. Macro factors include surging Japanese government bond yields on reports of a $110 billion stimulus package, raising concerns over global risk assets.