Why is Crypto Up or Down?

Crypto is down (-2.4%) — Top: NEAR -15.1%

Crypto markets traded broadly lower (average -2.4%) as risk appetite softened amid renewed security concerns, with the sharpest drawdowns concentrated in higher-beta layer-1 names like NEAR, ADA, and AVAX. Reports that Ledger is investigating alleged wallet drains tied to reseller-purchased devices, with estimated losses up to $86 million, likely weighed on sentiment by reviving counterparty and custody risk across the sector. While tokenization narratives remain constructive longer term, headlines about wallet safety and operational risk tend to prompt near-term de-risking, especially in more volatile altcoins.

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