By Omkar Godbole (All times ET unless indicated otherwise) The crypto market is looking to regain some poise after yesterday's tumble with on-chain indicators showing signs of capitulation in bitcoin.

The crypto market is looking to regain some poise after yesterday's tumble with on-chain indicators showing signs of capitulation in bitcoin. Some tokens, like MakerDAO's MKR

The crypto market is showing signs of resilience today after yesterday's rout, with on-chain indicators suggesting capitulation in bitcoin.

Some tokens, like MakerDAO's MKR, are seeing triple-digit gains, with a 20% surge in 24 hours, driven by the DAO's buyback and burn process.

IP, the native token of decentralized intellectual property-focused blockchain Story Protocol, is also in the green, having risen nearly 40%. The token's price has doubled in two weeks after being listed on South Korean exchanges.

Other notable outperformers include Celestia's TIA along with XDC, QNT and HYPE. Data tracked by blockchain sleuth Lookonchain shows whales have been buying the dip in the HYPE token. XRP, meanwhile, is hanging on to a key Fibonacci level, keeping bulls' hope for bigger gains alive.

According to Matthew Hougan, chief investment officer of Bitwise Asset Management, the crypto market is digesting the end of the recent memecoin frenzy, which could be replaced by productive sectors such as stablecoins, real-world assets and DeFi. "But until they start making their presence felt, the loss of energy will create a drag on the market," Hougan said on X.

On the macroeconomic front, the optimism seen after the Nov. 4 election is being replaced by caution, as evidenced by Tuesday's release of the U.S. consumer confidence. The gauge dropped to an eight-month low, and the one-year inflation expectations were highest for 1.5 years, with President Donald Trump's tariffs singled out as the primary concern in almost every household and business survey.

The dour sentiment and a strengthening yen might keep the upside in risk assets restricted for some time. Earlier this week, Belgium's central bank's head, Pierre Wunsch, warned that the ECB risks sleep-walking into too many rate cuts. The Fed, for its part, is unlikely to do QE anytime soon. (Sure, the January meeting minutes discussed an end of quantitive tightening, but that does not mean quantitative easing.)

Speaking of key events to watch out for, the Senate Banking Committee, led by Senator Cynthia Lummis, is set to revisit crypto regulations during Wednesday's scheduled hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

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