Why is Crypto Up or Down?

Crypto is up (+1.7%) — Top: NEAR +14.6%

Crypto markets traded modestly higher on average (+1.8%) as risk appetite improved, helped by a steadier backdrop around market infrastructure and collateral after KelpDAO said its rsETH recovery is complete and backing has returned above 100%. That constructive tone coincided with outsized moves in higher-beta layer-1 names, with NEAR leading gains, while ongoing regulatory headlines around Polymarket and CFTC scrutiny likely kept the broader advance measured rather than exuberant. In parallel, renewed debate over tokenized alternatives to crypto and what still needs to change for finance to evolve reinforced a “selective risk-on” bid rather than a uniform rally across majors.

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