The cryptocurrency market is experiencing a significant downturn, with Toncoin (TON) declining 3.3% to $1.59 and Bitcoin struggling to hold the $90,000 level, down over 30% from its peak. This has pushed the Crypto Fear & Greed Index into "Extreme Fear" territory at a score of 23. The overall market capitalization has fallen below $3.2 trillion, erasing over $800 billion in value since October highs.
On-chain data reveals a strategic shift among large investors (whales). Analytics firms Glassnode and CryptoQuant report that holders of 10,000 to 100,000 BTC have distributed approximately 36,500 BTC (worth around $3.4 billion) since December 1st. This selling pressure is linked to mounting unrealized losses, with BTC holders facing $85 billion in unrealized losses and daily realized losses surging to a 30-day SMA of $555 million.
Amid this market weakness, capital is rotating towards utility-focused projects. The Digitap ($TAP) presale is emerging as a primary beneficiary, having raised over $2.3 million. The presale token price has surged 170% from its initial $0.0125 entry to $0.0371. Digitap positions itself as a privacy-focused omnibank platform, featuring a fully functional global money app and a cashback Visa card that enables real-world payments with automatic crypto-to-fiat conversion.
The $TAP token, with a fixed supply of 2 billion, is engineered to capture ecosystem value through deflationary burn mechanisms and offers utility via staking rewards, governance rights, and fee reductions. The project's "12 Days of Christmas" campaign is offering additional incentives to early participants.
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