The crypto market is in a broad decline, with the DeFi sector dropping nearly 9%

On July 8, according to SoSoValue data, the crypto market saw a broad decline, with 24-hour losses generally ranging from approximately 2% to 9%. The DeFi sector led the market downturn, falling by 8.77%. LAB (LAB) dropped 67.70%, Hyperliquid (HYPE) fell 4.30%, while EdgeX (EDGE) and Lido DAO (LDO) bucked the trend, rising 29.12% and 11.01%, respectively.

In other sectors, the CeFi sector fell 1.66% in 24 hours, with Cronos (CRO) down 3.91%. The Layer1 sector dropped 2.22%, while Zcash (ZEC) saw an intraday surge of 5.17%. The PayFi sector fell 2.30%, with Telcoin (TEL) showing relative resilience, rising 4.11%. The Meme sector dropped 2.73%, but MemeCore (M) posted a significant gain of 11.30%. The Layer2 sector declined 3.02%, with Mantle (MNT) falling 5.31%.

The crypto sector indices, which reflect historical sector performance, showed declines: the ssiSocialFi, ssiDePIN, and ssiAI indices fell by 9.26%, 6.50%, and 5.23%, respectively.