Binance Research found that the market shift began after Kevin Warsh was nominated to lead the Federal Reserve. Investors believed his past views suggested he would reduce the money supply, which led to many traders selling off their leveraged positions.
Once crowned “digital gold,” bitcoin seems to be having an identity crisis, wandering off from traditional safe havens like it’s trying to find itself at a yoga retreat. But, according to JPMorgan, maybe this wild detour could actually benefit bitcoin in the grand scheme of things.
Ah, Michael Saylor’s Strategy, bravely standing on the precipice of a $7.05 billion loss as its beloved Bitcoin (BTC) plummets beneath the once-coveted $70,000 threshold-a number last seen during the glory days of November 2024.
While the prices may be akin to a wobbly chair at a dinner party-fluctuating and precarious-the on-chain momentum of XRP behaves as a diligent butler, steadily gaining pace. After enduring a languorous intermission, the transaction velocity has decided to don its dancing shoes once again.
Now, this Ripple-linked fiasco is flirting with the idea of dropping below Circle’s USDC stablecoin in market cap. I mean, what a fall from grace!
A public debate has erupted like a bad case of gas over Bitmine Immersion Technologies’ ethereum holdings. One brave soul on X claimed that Bitmine’s ETH position is down about $6.6 billion on paper. That’s right, folks-$6.6 billion! They even suggested that if Bitmine sold, it could weigh down Ethereum’s future price like a ton of bricks. Who knew Ethereum was so sensitive?
Once a beacon of hope, the Ripple (XRP) token now languishes at the abyssal low of $1.3495, a level reminiscent of a long-forgotten tale of prosperity, having plummeted from its grand height of $3.6650. What a comedy of errors!
Bitcoin, the erstwhile czar of the crypto realm, has fallen below the symbolic threshold of $69,000, a number once revered as its 2021 zenith. Ethereum, too, has been humbled, dropping beneath $2,000 for the first time since the halcyon days of May 2025. XRP, ever the loyal vassal, has followed suit, its losses as steep as the cliffs of the Caucasus. The total market capitalization, once a towering $2.3 trillion, has shriveled by more than 7% in a single day-a testament to the fragility of human ambition.
At the hour of reckoning, BTC languished at $67,400, a pitiful wretch shedding 7.5% of its valor in a single day. The $72,000 support zone, once a bastion of resilience on 4 February, crumbled like the illusions of a man who believes in the permanence of wealth. January’s consolidation, it seems, was but a fleeting dream, a mirage in the desert of speculation.
Midweek trading was about as pleasant as a dentist appointment for crypto ETF investors. The selling pressure was broader than the buffet line at an all-you-can-eat restaurant, dragging total assets lower once again, while only XRP kept waving the flag in this otherwise gloomy session.