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Phemex Crypto Market Daily: Zcash Leads Altcoin Gains as Bitcoin Slips; EU Sanctions Shake Crypto Market (Apr 24)
Key Takeaways:
1. Macro Environment The EU's sweeping ban on Russian crypto platforms and new sanctions heighten global market volatility and liquidity risks. Major central banks, including the Fed and ECB, are expected to keep rates unchanged amid persistent inflation and energy shocks. Morgan Stanley's launch of a Stablecoin Reserves Portfolio signals growing institutional infrastructure and regulatory anticipation in the stablecoin sector. 2. Crypto Market The crypto market showed mixed performance over the past 12 hours. Bitcoin (BTC) fell 0.55% to $77,994, while Ethereum (ETH) slipped 0.46% to $2,322, both pressured by weak risk sentiment and ETF outflows. Zcash (ZEC) surged 9.85% to $357.36 on THORChain integration, Cosmos (ATOM) rose 5.35% to $1.99 driven by DeFi activity, and Algorand (ALGO) gained 4.95% to $0.109 amid renewed investor interest. Altcoins outperformed majors, with privacy and DeFi tokens leading gains. 3. Today's Outlook No major token unlocks or protocol launches are scheduled for today. Market participants should monitor macroeconomic headlines and regulatory developments, as these remain the primary drivers of volatility and sentiment.
