Crypto Carnage: Bitcoin Crashes Below $117K, Ethereum Plunges to $4.4K—Treasury Firms Reeling

Crypto markets bled out today as Bitcoin and Ethereum took a nosedive—dragging institutional players into the red. Here’s the damage.

Bitcoin’s brutal drop below $117K

The king of crypto got dethroned—at least temporarily—as BTC sliced through support levels. Traders scrambled while treasury firms watched their balance sheets shrink faster than a DeFi rug pull.

Ethereum stumbles to $4.4K

ETH followed suit, tumbling to $4.4K as the smart contract giant mirrored Bitcoin’s bearish momentum. Validators coped by staking harder—like adding more seats to a sinking ship.

Why this hurts more than your average dip

Treasury firms—those institutional darlings who swore crypto was 'hedge-worthy'—are now sweating over collateral calls. Turns out, volatility cuts both ways, folks.

Bottom line: The market giveth, and the market taketh away—usually right after your CFO tweets '#TotallyHodling.'

BTC, ETH, SOL rally cools

The MOVE coincided with bitcoin (BTC) sliding below $117,000, extending its reversal from Thursday’s short-lived spike to $124,000, a new all-time high. Ether (ETH) tumbled back after challenging its record high above $4,800, now barely holding the $4,400 level.

DATs pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor’s Strategy. They are seen as a high-beta play on crypto prices, rising more when the underlying asset rallies, but suffering bigger drawdowns when the market cools.

Most crypto-related stocks also traded lower during the session. Bitcoin miner Riot Platform and digital asset conglomerate Galaxy (GLXY) were lower by roughly 8%. Coinbase (COIN) was modestly down 1.6%, while Circle (CRCL) gained 3.5% following the successful completion of a secondary share offering.

www.coindesk.com

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