Cryptocurrency market dips below $3 trillion amid profits shifting back to US stocks. BTC stabilizes around $93K, hitting records with ETFs, while SUI and the Trump token show gains. Fraud losses spike for seniors. RockawayX raises $125M for Solana startups, and ZKsync recovers $5M after hacker agreement.
In the latest crypto update, the overall cryptocurrency market saw a notable decline, dropping 3.5% in just 24 hours, falling below the $3 trillion threshold. This downturn follows President Donald Trump’s softened stance on China tariffs, prompting many investors to cash in profits from crypto and divert their funds back into rejuvenated US stocks. Remarkably, despite this market shift, the SUI and official Trump token are the only two altcoins in the top 50 to see gains today.
Bitcoin has been hovering around $93,000 lately, after reaching a peak of $94,300. This robust performance appears linked to strong buying activity from Bitcoin ETFs, which set a record for daily inflows of $917 million on Wednesday, slightly surpassing the previous day’s mark. As optimism grows for a potential negotiation on China tariffs, experts suggest that demand for Bitcoin among US holders may wane, potentially holding the price steady and preventing a successful breakout above the critical $95,000 level.
The overall dip in the cryptocurrency market is significant, with a 3.5% decline over the last day, now pegging the total market cap around $2.99 trillion. While Bitcoin and Ethereum dominate, with prices of $92,395 and $1,745 respectively, altcoins like the Trump token have seen incredible performance with a 31.7% rise in a single day, and SUI still posting a 3% gain.
In other news, fraud in the cryptocurrency sector has surged dramatically, hitting over $9.3 billion in losses for 2024, according to the FBI. Vulnerable seniors aged 60 plus have been particularly affected, facing $2.8 billion in losses predominantly from scams. The increasing number of cases indicates the urgent need for more robust fraud prevention measures.
Meanwhile, startup funding in the crypto space remains resilient. RockawayX announced closing a $125 million fund focused on investing in Solana-based ventures, despite a slowdown in the rest of the venture capital market. This commitment signals a belief in Solana’s future potential as they aim to support early-stage development.
On the security front, ZKsync successfully recovered about $5 million in stolen tokens, thanks to a hacker agreeing to a 10% bounty deal. Thankfully, the protocol’s users remained unharmed, with the funds now under review until governance decisions are made.
