Leading cryptocurrencies dipped on Thursday after a key cryptocurrency bill stalled in the Senate following opposition from industry giants.CryptocurrencyGains +/-Price (Recorded at 8:20 p.m. ET)Bitcoin (CRYPTO: BTC)-1.29%$95,485.03Ethereum (CRYPTO: ETH)               -0.82%$3,306.90XRP (CRYPTO: XRP)                         -2.66%$2.07Solana (CRYPTO: SOL)                         -2.75%$142.06Dogecoin (CRYPTO: DOGE)             -4.23%$0.1397Crypto Market CracksBitcoin retreated after lifting to a 2-month hig ...

Core Insights - DASH experienced a significant price surge of 54% over 24 hours, reaching $85.96, with trading volume increasing to $1.29 billion across exchanges [1] - The token's daily trading volume rose by 72% compared to the previous session, and the seven-day volume increased by 525%, from approximately $39 million on January 10 to $1.29 billion on January 14 [1] - Despite the recent rally, DASH remains approximately 94% below its all-time high of $1,493.59 from December 2017 [1] Privacy Coin Market Dynamics - DASH is classified as a privacy coin, which obscures transaction details, distinguishing it from transparent blockchains like Bitcoin [2] - During the recent trading session, DASH led all major privacy coins, with Horizen gaining 23.1%, Decred adding 19.3%, Zcash rising 9.3%, and Monero increasing 8.6% [2] Recent Developments - Alchemy Pay announced support for DASH, allowing users to purchase the token with credit cards, Apple Pay, and bank transfers in 173 countries, although the impact of this partnership on the price increase remains unclear [3] - Analyst commentary highlighted improved trading access following the relisting of DASH on OKX, which restored market depth and participation [4] Market Sentiment and Trends - Traders noted a broader rotation into privacy-focused assets, with some characterizing the current environment as "privacy season" [5] - In the derivatives market, forced closures of short positions reached $770.22 million over 24 hours, with short positions making up 86.8% of that total [5] - The Fear & Greed Index indicated neutral sentiment at 48, recovering from a previous low of 26, while the broader market capitalization increased by 3.42% to $3.37 trillion [6] Privacy Coin Sector Performance - The privacy coins category overall gained 13.1%, with a combined market cap of $24 billion, and has added 24.6% over the past seven days [7] - While DASH led daily gains, Monero holds the largest market cap in the sector at $13.4 billion [7] - Zcash has faced challenges following governance disputes, which led to a price drop after the mass resignation of the ECC team on January 7 [7]

Market Overview - The crypto market is experiencing a risk-off session, with Bitcoin (BTC) down 3.5% in the past 24 hours, nearing October lows around $103,600, potentially marking its lowest price since June [1] - The CoinDesk 20 Index has decreased by 5%, with major altcoins like ether (ETH) and solana (SOL) also reaching their lowest levels since August [1] Contributing Factors - Hawkish comments from Fed Chair Jerome Powell, a strengthening dollar index, and persistent selling from long-time wallets are blamed for the market downturn [2] - Market maker Wintermute noted that while global liquidity is expanding, capital is not flowing into crypto, with ETF inflows stalling and only stablecoins showing growth [2] - The bearish sentiment may also be linked to the October 17 flash crash, where several arbitrage bets lost money, leading firms to potentially liquidate long spot positions, adding downward pressure on prices [2] Specific Incidents - Stream Finance's stablecoin, xUSD, collapsed by 80% to 30 cents, resulting in a reported $93 million loss due to issues with an external fund manager [3] - The investigation into the xUSD collapse has raised concerns within the crypto community about broader market implications [3] - Lenders of xUSD are reportedly earning over 500% daily interest, indicating potential trouble for the protocol's treasury [3] Market Trends - Despite the overall market decline, some privacy coins like Zcash, Decred, and DASH have surged by as much as 200% in just 24 hours, suggesting traders are seeking refuge in these assets [4] Traditional Market Insights - In traditional markets, a rise in credit default swaps tied to Oracle reflects investor concerns over the company's significant AI-related spending [5] - The dollar index has reached 100 for the first time in months, complicating the outlook for Bitcoin bulls [5] - Gold prices remain steady around $4,000 per ounce [5]