Cryptocurrency market sees broad decline, DeFi sector drops over 5%

According to Odaily, on July 17, data from SoSoValue showed a broad decline across cryptocurrency market sectors. The DeFi sector showed weakness, falling 5.08% in 24 hours, with Hyperliquid (HYPE) dropping 10.28%, DeXe (DEXE) and Aave (AAVE) falling 4.83% and 6.12% respectively, while Beldex (BDX) bucked the trend, rising 6.61%.

Meanwhile, Bitcoin (BTC) fell 1.79%, dipping below $64,000; Ethereum (ETH) dropped 3.53%, falling below $1,900.

In other sectors, the Layer 2 sector fell 0.63% in 24 hours, but Mantle (MNT) rose 3.16%; the CeFi sector dropped 0.94%, with Cronos (CRO) surging 8.68% intraday; the PayFi sector fell 2.32%, with Zcash (ZEC) decreasing 6.88%; the Layer 1 sector dropped 2.41%, with NEAR Protocol (NEAR) falling 4.64%; and the Meme sector fell 2.57%, with Bonk (BONK) decreasing 5.70%.

Indexes reflecting historical sector performance showed that the ssiDeFi, ssiSocialFi, and ssiAI indices fell by 5.97%, 4.24%, and 3.56%, respectively.