What Happened in Crypto Market: Latest News on Crypto Crash Today

What Happened in Crypto Market: Why Crypto Market is Down Today?

Crypto Drops as Bitcoin Hits $96K, $560M Liquidated

Dogecoin slumped 10%, leading crypto losses as Bitcoin fell to $96K, driven by stronger U.S. economic data that raised Treasury yields. Major tokens like SOL, ADA, and ETH fell 7%, while $560M in long positions were liquidated. U.S. job data and ISM reports dimmed rate-cut hopes, causing broader market sell-offs. Analysts see potential recovery but warn of January risks like the U.S. debt ceiling. Experts remain optimistic about long-term bullish trends despite short-term volatility.

XRP Drops 5.35% Amid Key Resistance, Economic Data

XRP declined 5.35% after hitting $2.50 resistance, driven by selling pressure and bearish sentiment from strong job data. Liquidations totaled $16.84M, with $12.93M in longs and $3.91M in shorts. Key levels are $2.255 for support and $2.378 for resistance, risking $15.53M and $47.66M in liquidations respectively. A breakout could target $2.80–$2.90, while a breakdown risks $1.50. XRP’s Pennant pattern signals a critical decision point for its next major price move.

Pi Network: Progress Amid Criticism and Popularity

Pi Network, launched in 2019, enables smartphone crypto mining and awaits its mainnet launch, delayed to January 31, 2025, after KYC verification for 15M users. Despite backlash over delays and migration struggles, the team claims “excellent progress” towards its Open Network. Popular in Asia, the app surpassed 100M downloads, with over 1.3M South Korean users—more than Binance and Coinbase’s local base. Critics are directed to Telegram for support, while Pi remains third globally in crypto customers.

Kazakhstan Tightens Crypto Rules, Blocks 3500 Exchanges

Kazakhstan has blocked over 3,500 illegal crypto exchanges, including Coinbase, for violating digital asset laws. Authorities seized assets worth $113M, liquidated 36 platforms, and dismantled crypto pyramid schemes. New regulations enforce anti-money laundering compliance while fostering legal operations, as Bybit and Binance received licenses. Kazakhstan is piloting a CBDC and collaborating with China's central bank on digital currency research. These moves aim to regulate crypto effectively while advancing the nation's digital asset ecosystem.

Ripple & Chainlink Partner to Boost RLUSD in DeFi

Ripple has partnered with Chainlink to enhance RLUSD stablecoin's role in DeFi. With a $72.2M market cap, RLUSD will use Chainlink's decentralized oracle network for accurate price feeds, improving its adoption in dApps, lending, and liquidity protocols. Ripple CEO Brad Garlinghouse calls RLUSD the "gold standard" for payments. Chainlink Co-founder Sergey Nazarov emphasizes fostering innovation. This partnership boosts RLUSD's reliability, paving the way for broader DeFi adoption and institutional investment in the blockchain ecosystem.