Analysts say a sudden sell-off triggered major liquidations. This caused sharp drops across most cryptocurrencies. They believe excessive leverage worsened the move. The worst of the selling pressure may now be over. Markets are finding a tentative balance, but volatility remains high.
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Satellites spotted massive heat leaks. They're coming from the biggest US Bitcoin mining hub. This shows the huge energy use of crypto operations. It's raising fresh concerns about their environmental impact. The waste heat is a visible sign of the power consumed.
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Major crypto prices dropped again. Bitcoin fell 2% to $89,900, losing the $90k level. Ethereum and Solana both declined 3%. XRP saw a sharper 7% drop. A few, like Litecoin and Monero, gained 3%. Zcash plunged 19% after its developer team resigned. In banking news, JPMorgan plans to launch its coin on Canton. Barclays invested in a stablecoin settlement startup. Wyoming released its first state-issued stablecoin. The Starknet network had a multi-hour outage but has resumed.
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