The crypto market weakened on July 8, with total capitalization falling to $2.25 trillion after a 1% decline over 24 hours. Trading volume came in at $71.5 billion. Sentiment stayed fragile as the Fear & Greed Index dropped to 20, placing the market in extreme fear. Large-cap coins slipped, yet several smaller tokens posted sharp moves, led by OpenAI Codex (CODEX), up 955.38%, and EVAA Protocol (EVAA), up 157.25%.
Bitcoin and Ethereum both moved lower
Bitcoin traded at $63,315.67, down 0.93% in the last 24 hours, with $31 billion in volume and a market cap of $1.26 trillion. Ethereum stood at $1,769.17, off 1.24% on the day, with trading volume of $9.7 billion and capitalization of $213.5 billion. Bitcoin’s market share was listed at 56.5%, while Ethereum held 9.5%.
In sector data, stablecoins recorded a modest 0.1% gain, reaching a combined market cap of $308.3 billion and volume of $62 billion. DeFi posted a 2.6% decline, leaving the segment at $69.98 billion in market value and $3.59 billion in volume. Its global dominance was reported at 4.4%.
CODEX and EVAA led the gainers list
The strongest price action appeared in smaller and theme-driven tokens. CODEX rose to $0.00004349 with $140.28 million in trading volume. EVAA climbed to $2.67 on volume of $65.27 million. On the losing side, LAB dropped 56.28%, TAC Protocol fell 86.87%, and Claude declined 16.14%.
Other gainers included Zcash, which added more than 5%, MemeCore with a 10.64% rise, and SUN with a 4.59% increase. Among decliners, Gram lost 9.02%, Audiera fell 8.50%, and BONK slipped 8.49%. Rotation remained fast. Price swings were even faster.
Regulation and institutional moves shaped the session
Russia’s parliamentary committee approved a revised crypto bill for second reading. The proposal removes wallet address reporting, allows crypto-funded investments, limits retail trading, and adds transfer freeze rules. Kraken said it plans to pursue a European banking license through Lithuania, a step that would allow the exchange to offer banking services across the European Economic Area alongside crypto products if approved.
In Hong Kong, regulators warned investors about the unlicensed platform Aurum Foundation Limited and added the company and its website to a public alert list. In Europe, one week after full MiCA implementation, authorities had recorded 21 electronic money token issuers, 35 EMTs, and more than 270 registered cryptocurrency service providers.
Product launches, funding, and network shutdowns added to the flow
Kraken’s parent company won a $22 million arbitration award against Mazars USA and also called on Congress to pass the CLARITY Act. KOR Protocol raised $7.5 million in Series A funding to build blockchain infrastructure for creative rights, revenue sharing, and tokenized entertainment assets. Gemini rolled out commission-free stock trading in selected U.S. regions, while Ondo Finance launched Ondo Perps with up to 20x leverage on tokenized stocks, ETFs, and commodities for eligible users outside restricted jurisdictions.
On the infrastructure side, Wormhole confirmed that Moonbeam will shut down on July 31, 2026, and users were told to move assets before operations end because recovery support will stop after that. Blockaid said recent fund movements tied to BitTorrent Bridge were part of a planned shutdown rather than a hack. Strike also introduced Bitcoin-backed term loans that avoid margin calls during price declines, though collateral may be liquidated after default once the grace period ends.
Compared with July 7, the market turned weaker across key metrics. Total capitalization moved from $2.28 trillion to $2.25 trillion, daily volume fell from $82.3 billion to $71.5 billion, and the Fear & Greed Index dropped from 27 to 20.