Why is Crypto Up or Down?

Crypto is mixed (+0.1%) — Top: SHIB +4.6%

Crypto prices were broadly steady on average but tilted risk-on, with Bitcoin (+4.26%) and large-cap alts like XRP (+3.38%) advancing as tokenization headlines reinforced the “traditional finance on-chain” narrative, including Bitwise’s packaging of tokenized stocks and Arcus’s launch of tokenized perpetual positions on Robinhood Chain. At the same time, security and product-specific developments kept dispersion high: reports of fake Firefox wallet extensions tied to malware likely tempered risk appetite in some smaller tokens, while Grayscale’s Zcash ETF launch following a noted privacy flaw underscored that idiosyncratic protocol risk can still dominate performance even in an improving macro tape. Meme-led strength in Shiba Inu (+4.64%) also fit the pattern of selective risk-taking rather than a uniform market rally.

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