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Crypto Ecosystem Growth Slowed in January Even as Total Market Cap Rose, JPMorgan Says

Crypto Ecosystem Growth Slowed in January Even as Total Market Cap Rose, JPMorgan Says
In January, the growth of the crypto ecosystem slowed down, with total trading volume decreasing by 24%, according to a research report by JPMorgan. However, the activity still remains double the pre-election levels in November, and the total market cap increased by 8% to around $3.4 trillion. The market cap growth was mostly driven by bitcoin, solana, and XRP, while average daily volume saw declines across the ecosystem. Decentralized finance (DeFi) and non-fungible tokens (NFTs) experienced a larger deterioration in various metrics. On the regulatory front, the new Trump administration established a crypto taskforce and rescinded a controversial accounting rule called SAB 121.

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