- Crypto Market Plunges: Over $686 million in liquidations as Bitcoin holds better than altcoins, hovering around $93K, while Ethereum drops 8% to $2,584.
- Solana Takes the Biggest Hit: Down 12% in 24 hours, 19% on the week, crashing below $145, fueled by declining meme coin demand and the Libra token controversy.
- Regulatory Pressure Mounts: OKX pleads guilty to illegally serving U.S. customers, agreeing to $500M in fines, adding to market uncertainty and triggering deeper sell-offs.
t’s an absolute bloodbath in the crypto market today. A widespread sell-off has wiped out over 6% of total market value, with some of the biggest altcoins tumbling even further.
Bitcoin—The Least Bad Performer?
Bitcoin ($BTC) took a relatively light hit, sliding just over 2% to $93,417 at the time of writing. It came dangerously close to $93,000 earlier before finding mild support and bouncing slightly.
- Current BTC price: $92,040.86 (-3.78%)
- 24H Liquidations: $143M (CoinGlass)
- Sentiment: Holding better than altcoins, but still under pressure
Ethereum ($ETH), on the other hand, tanked nearly 8%, now trading at $2,584. It’s been a rollercoaster ride since $1.4 billion was drained from Bybit last Friday, sparking fears of further exchange-related risks.
Solana Takes the Biggest Beating—Down to October Lows
Solana ($SOL) is by far the worst performer in the top 10, crashing 12% in the last 24 hours and a brutal 19% on the week, now sitting below $147.
- Dipped under $145, hitting levels last seen in mid-October
- Market shaken by Libra token controversy, fueled by Argentine President Javier Milei
- Traders lost over $250M betting on the failed Libra project (Nansen data)
The broader Solana ecosystem is feeling the heat, as declining meme coin interest compounds the issues.
Meanwhile, other top altcoins are also bleeding out:
- Dogecoin ($DOGE) is down 11%, now at $0.213
- XRP has shed 9%, currently trading at $2.35
- Cardano ($ADA) is down 8%, now at $0.70
source: coinmarketcap
Regulatory Fallout: OKX Gets Slammed with $500M in Fines
Crypto exchange OKX just pleaded guilty to U.S. charges for illegally serving U.S. customers. The firm agreed to a massive $500M payout, including:
- $420.3M forfeiture (fees collected from U.S. customers)
- $84.4M criminal fine
This is one of the biggest regulatory crackdowns since Binance’s $4 billion settlement, adding more uncertainty to the market.
Trump’s Meme Coin ($TRUMP) Collapses 81% from Peak
Even Trump’s Solana-based meme coin ($TRUMP) isn’t safe. After exploding post-launch, it has now cratered to $13.70, down 81% from its peak of $73.
What’s Next?
With total liquidations exceeding $686 million in 24 hours, crypto markets are in full panic mode.
- If Bitcoin breaks below $92K, expect deeper losses
- Solana needs to reclaim $150+ quickly to avoid further damage
- Altcoins remain highly volatile—watch for more selling pressure
Right now, it’s a market in free fall—will bulls step in, or is more pain ahead?
