Bitcoin fell below $60,000 overnight, leading a broad pullback across the cryptocurrency market as major tokens on centralized platforms posted losses. Data shows Bitcoin down 2.87% over 24 hours, Ether falling 2.75%, Solana losing 2.63%, and XRP declining 3.11%. A small number of tokens, including NES and ID, moved against the trend with gains above 17%, highlighting uneven market activity.
The decline comes amid weakening sentiment and continued volatility, with selling pressure affecting large-cap assets more consistently than smaller tokens.
Crypto market declines as bitcoin drops below $60,000
Bitcoin’s move below the psychological $60,000 level intensified selling pressure across major cryptocurrencies listed on centralized exchanges. The synchronized declines in Bitcoin, Ether, Solana, and XRP reflected broader risk-off sentiment, as investors reduced exposure to large-cap digital assets.
Despite the downturn, select altcoins such as NES and ID posted strong double-digit gains, underscoring the fragmented nature of the market where capital continues to rotate into niche or emerging tokens even as benchmark assets weaken.
Semiconductor sector shows strength
While digital asset prices retreated, semiconductor and chip-related companies continued to demonstrate robust performance and investor confidence.
Micron Technology earnings and outlook
Micron Technology reported fiscal Q3 2026 revenue of $41.456 billion, surpassing analyst expectations of $35.423 billion and significantly higher than the $9.301 billion recorded in the same period a year earlier. The company projected Q4 revenue of $50 billion, again ahead of estimates, and guided for an adjusted gross margin near 86%, signaling strong demand and operational efficiency in its core memory and storage businesses.
SK Hynix expansion plans
SK Hynix outlined further expansion through a planned Nasdaq listing aimed at raising approximately $29.4 billion. According to Counterpoint Research, the company held a 57% global market share by revenue in Q4 2025, underscoring its dominant position in the memory market. Its domestic shares have surged more than 300% year to date, reflecting optimism around its growth trajectory and exposure to AI and data center demand.
Taiwan Semiconductor pricing and valuation
Taiwan Semiconductor was reported to be preparing a 5% to 10% price increase for advanced manufacturing processes. In response to its strengthening fundamentals and pricing power, analysts raised their target price on the stock to $575. Shares recently rebounded after approaching an average long-position cost of $437.5 per share, suggesting renewed buying interest at key support levels.
Political and regulatory developments intensify
Regulatory and policy developments added another layer of complexity for the crypto and digital asset industry, particularly in the United States.
In Washington, a group of senators called for hearings into a $500 million investment from the United Arab Emirates into a cryptocurrency firm tied to the Trump family. The transaction reportedly granted the investor a 49% stake in the company, with $218 million already distributed to related entities. The inquiry underscores heightened scrutiny of foreign capital flows into politically connected digital asset firms.
Separately, the U.S. House of Representatives passed the 21st Century ROAD to Housing Act by a 358–32 vote, following earlier approval in the Senate. The legislation prohibits the Federal Reserve from issuing a central bank digital currency before December 31, 2030, effectively pausing any near-term U.S. CBDC rollout. At the same time, it affirms the legality of privately issued, U.S. dollar-backed stablecoins, preserving space for innovation in the private sector.
Ethereum Foundation holdings hit multi-year low
The Ethereum Foundation’s Ether holdings declined to around $209 million, marking their lowest valuation in nearly six years. On-chain data points to a steady reduction in the foundation’s treasury as it funds ecosystem development, research, and operational expenditures amid ongoing market volatility. The lower balance highlights both the organization’s active spending strategy and its sensitivity to Ether’s price cycles.
Corporate and market activity highlights
Beyond major tokens and policy moves, several notable corporate and market developments shaped sentiment.
Strategy’s preferred shares dropped 6.3% to $81.83, setting a record low, while its common stock fell below $100 for the first time since March 2024, signaling mounting investor concern around its outlook or sector exposure.
Coinbase Ventures maintained a steady pace of investment activity despite broader crypto market weakness. The venture arm averaged five to six deals per month and expanded its portfolio to 367 projects, illustrating continued confidence in the long-term growth of the crypto and Web3 ecosystem.
In prediction markets, Robinhood’s subsidiary Rothera captured 15% of World Cup-related trading volume. The platform recorded daily transactions exceeding $134 million, with 2.4 million users participating, underscoring rising retail interest in event-based markets. Meanwhile, prediction market operator Kalshi is preparing for a potential IPO between 2027 and 2028 after its valuation climbed to $22 billion.
Venture funding remains active
Capital continued to flow into blockchain and crypto-related startups, with multiple funding rounds announced across early and growth stages.
- Onyx Odds raised $20 million in a round led by Payward, bolstering its ability to scale product development and market reach.
- Cambrian secured $6 million backed by Franklin Templeton and Polychain, providing resources to further its infrastructure and protocol initiatives.
- Ground closed a $3.6 million pre-seed round led by Bain Capital Crypto and ParaFi, supporting early-stage experimentation and product validation.
- Ornn raised $33 million in seed funding led by a16z Crypto, positioning the company to accelerate hiring, technology buildout, and go-to-market strategy.
Other developments across tech and crypto
Activity remained robust across adjacent technology and crypto-enabled sectors.
ByteDance introduced a professional version of its Doubao AI assistant, with pricing starting from 68 yuan per month. The offering includes automation tools and enterprise integrations designed to streamline workflows and enhance productivity for business users.
YZi Labs reached an agreement with CEA Industries to resolve prior management disputes and implement a restructured governance framework, aiming to stabilize operations and restore stakeholder confidence.
Pump.fun’s parent company, Baton Corporation, initiated a search for a chief legal officer with global regulatory expertise. The role carries an annual compensation package between $1 million and $5 million, reflecting the company’s ambition to navigate complex international regulations as it prepares for further expansion.
With Bitcoin slipping under $60K, learn how to navigate volatility in our guide here.
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