The crypto market faced a cool-down today as the total market cap dropped below $4 trillion, down by 4.6% in 24 hours. Bitcoin trades around $118K, while Ethereum is at $3.7K. Solana defied the dip with a 5%+ gain. The drop is mainly due to profit-taking and ETF outflows, especially from BTC funds.
On the regulatory side, the U.S. signed the GENIUS Act, enforcing asset-backed stablecoins and creating clear compliance rules. The Senate Banking Committee also introduced a new structure defining crypto assets under SEC and CFTC oversight.
Institutions continue to adopt crypto. JPMorgan plans crypto-backed loans, while PNC Bank partners with Coinbase to offer crypto to customers. Meanwhile, a $1.5B SPAC will launch Ether Machine, focused on Ethereum infrastructure.
In altcoins, Kaspa and Jupiter jumped, while ICP and Cardano dropped. NFT volume surged, with Pudgy Penguins up 21%, signaling a possible metaverse revival.
Outlook: This correction is likely short-term. Long-term trends like rising ETH ETF inflows, institutional entry, and clearer regulation support continued growth. Analysts predict BTC could hit $140K by year’s end.
