CoinRank Daily Data Update (12/16): Crypto Markets Decline as 75 of the Top 100 Tokens Drop Below Critical Averages, Circle Deal Excludes AXL, and More...

Crypto Market Weakness: The cryptocurrency market is experiencing significant bearish momentum, with 75 of the top 100 tokens trading below key technical averages, indicating potential further declines.

Axelar Acquisition Impact: Circle's acquisition of Axelar's core development team, excluding the AXL token, led to a sharp decline in AXL's value, highlighting a trend in crypto M&A focusing on team and infrastructure over token value.

Institutional Investment Trends: ARK Invest has increased its exposure to crypto equities by purchasing nearly $60 million in stocks during the ongoing market selloff, demonstrating long-term confidence despite short-term volatility.

Market Sentiment: Major cryptocurrencies like Bitcoin, Ether, and Solana are under pressure, accounting for 78% of the total market cap, which is contributing to a negative risk sentiment in the crypto sector.