Bitget Sees $29M BTR Trading Amid Bitlayer’s 78% Collapse

On March 26, 2026, the cryptocurrency market witnessed a dramatic and sudden collapse of Bitlayer (BTR), a prominent Bitcoin Layer 2 project. Backed by major institutional names like Franklin Templeton and Polychain, BTR's price plummeted by 78% within a 24-hour period, crashing to approximately $0.041. This severe downturn triggered a massive 648% surge in overall trading volume, which skyrocketed to $128 million as panic selling ensued. A significant portion of this activity was concentrated on the Bitget exchange, where the BTR/USDT trading pair alone accounted for a staggering $29 million in volume, highlighting the platform's central role during the market turmoil. The sell-off was accelerated by early investors and airdrop recipients rushing to secure profits and exit their positions, leading to a violent unwinding of leveraged trades. Concurrently, widespread speculation across social media platforms alleged a potential 'rug pull'—a scenario where developers abandon a project and drain its liquidity—though these claims remain unverified. This event underscores the extreme volatility and inherent risks within the Layer 2 and broader crypto ecosystem, even for projects with seemingly credible institutional backing. It also demonstrates how centralized exchanges like Bitget can become focal points for liquidity and price discovery during periods of extreme market stress, serving as both a conduit for rapid selling and a barometer for investor sentiment.

Franklin Templeton-Backed Bitlayer Plunges 78% Amid Rug Pull Allegations

Bitlayer (BTR), a Bitcoin Layer 2 project backed by Franklin Templeton and Polychain, collapsed 78% in 24 hours to $0.041. The sell-off triggered a 648% surge in trading volume to $128 million, with Bitget's BTR/USDT pair alone accounting for $29 million. Early holders and airdrop participants accelerated the drop by profit-taking, while leveraged positions unwound violently.

Social media speculation about a rug pull gained traction after the crash, though the project's $25 million funding round and institutional backing complicate such claims. The downturn coincides with broader crypto market weakness, exacerbating volatility for the nascent asset.

Bitget Wallet Expands Stablecoin Payments via Visa, Mastercard, and Ripple Integration

Bitget Wallet has significantly enhanced its stablecoin utility by integrating Visa, Mastercard, and Ripple's payment networks. This strategic move connects 90 million users to over 150 million merchants globally, bridging the gap between cryptocurrency and traditional finance.

The newly launched Onchain Payments Matrix supports QR code transactions and cross-border bank transfers through 300+ financial institutions. Built to process 155 million transactions and $177 billion in volume, the infrastructure positions itself as a foundational layer for real-time digital asset payments.

Notable integrations include Tether, Circle, and MoonPay alongside regional banking partners. The system emphasizes direct consumer usage at point-of-sale rather than just backend settlement—a deliberate design choice to drive mainstream adoption.

Future developments point toward programmable payment rails capable of supporting AI-driven commerce. This expansion reflects the growing institutionalization of crypto payments, with stablecoins increasingly serving as practical settlement instruments.