Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a surge in token supply is diluting returns and breaking the link between fundamentals and price, Telegram co-founder says Iran ban backfired. Meanwhile, Polymarket removed a market tied to the fate of a missing US service member after backlash.
The rapid growth in the number of crypto tokens is outpacing the value they generate, creating an “existential” problem for the industry, according to Michael Ippolito, co-founder of Blockworks.
In a series of posts on X, Ippolito noted that while total crypto market capitalization remains relatively strong, the average value per token tells a different story. “The average coin is only slightly higher than where it was in 2020 (!) and down ~50% since 2021,” he wrote.
