📉Bitcoin Crashes to $86,000 As Crypto Selloff Deepens

gm Defiers!

Crypto markets plunged for a second day as the rout in technology stocks continued. Bitcoin traded as low as $86,000, while SOL fell to $132, and ETH crashed under $2400.

Meanwhile, ByBit’s CEO confirmed that it has replenished its ETH reserves in the wake of this week’s $1.5 billion exploit.

✍️ In today’s newsletter:

SOL and ETH plummet as Bitcoin drops to $86,000
ByBit CEO claims $1.5B deficit has been covered
Sonic tokens rally as yield farms evoke memories of DeFi summer
Raydium token craters after PumpFun tests in-house AMM
Tezos Layer 2 Etherlink launches mainnet

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📉Liquidations Top $1.5 Billion as Bitcoin Plunges to $86,000

Crypto markets dropped for a second day as the selloff in technology stocks intensified.

Bitcoin plunged to $86,000 overnight as ETH dropped over 10% to $2,350 and SOL cratered to $132. The overall crypto market capitalization is down 9% in the past 24 hours to $2.97 trillion, dropping below the $3 trillion mark for the first time since early November.

🚀Sonic Brings Back DeFi Summer Vibes as Ecosystem Outperforms Other Layer 1s

Sonic, the Layer 1 (L1) blockchain formerly known as Fantom, is thriving despite the recent crypto market volatility, with its key metrics at all-time highs as users flock to the ecosystem.

💰Bybit Said it Closed $1.5B Gap Left After Largest Crypto Exploit in History

Bybit CEO Ben Zhou said the exchange has recovered its ETH reserves after a $1.5 billion exploit on Feb. 21. Bybit replaced most of the stolen funds through loans from other crypto exchanges, whale deposits, and additional ETH purchases.

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💥PumpFun’s In-house DEX Could Spell Doom for Raydium

Memecoin launchpad Pump.fun is reportedly testing its own automated market maker (AMM). Speculation started swirling after users spotted a new website, hinting that the project may soon bypass Raydium entirely. As a result, Raydium’s RAY token plunged by more than 25%.

⛓️Tezos Layer 2 Etherlink Launches Mainnet and Unveils Rewards Programs

Etherlink, a Layer 2 blockchain on the Tezos network, has moved from the beta phase to mainnet. The platform plans to unveil several initiatives to reward early users and attract builders to commemorate the launch.

🌍 ELSEWHERE

‘Bitcoin outperforms everything’: Michael Saylor of Strategy on the future of money (Fortune)
Bitcoin Slides Below $90,000 as Crypto Selloff Gathers Steam (Bloomberg)
GameStop Urged to Convert Its $5B Cash Into Bitcoin by Strive's CEO Matt Cole (CoinDesk)