The crypto market slid into a harsh correction as Bitcoin plunged roughly 7.2% and sank below $86,000, dragging the broader market down over 7% in the past 24 hours. Ethereum tumbled about 7.4% to $2,800 while Layer-1s, DeFi and Layer-2 sectors suffered double-digit pain in names like NEAR and SOON. VanEck’s analysis pins the sell-off squarely on medium-term holders aggressively liquidating positions, a 32% drop in coins held by that cohort over two years, triggering a collapse in open interest, plunging funding rates and a vicious risk-off cascade. Even pockets of strength, GameFi and some NFT tokens, look like brief reprieves as the market braces for deeper downside and potential capitulation.

But what else is happening in crypto news today? Follow our up-to-date live coverage below.

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Jai Pratap4 hours ago

CryptoQuant CEO Dismisses Strategy Bankruptcy Rumors, Says “Only an Asteroid” Could Take It Down

CryptoQuant CEO Ki Young Ju pushed back against rising fears around Strategy’s financial health, saying on X that the company would “only go bankrupt if an asteroid hits Earth.” He dismissed speculation that Michael Saylor might be selling Bitcoin, stressing that any sale would require shareholder approval and would trigger a reputational “death spiral” for both Saylor and the company. Ju added that delays in debt conversion do not signal liquidation, noting Strategy has multiple options, from refinancing and new notes to secured loans or BTC-backed raises, and insisted that even a drop to $10,000 BTC wouldn’t bankrupt the firm, only force a debt restructuring.

Amin Ayan5 hours ago

Prediction Market Kalshi Raises $1B at $11B Valuation in Mega Funding Round

Kalshi, the fast-growing prediction market platform that lets users bet on the outcomes of real-world events, has secured a staggering $1 billion in fresh capital at a valuation of $11 billion, TechCrunch reported, citing a person familiar with the deal.The raise arrives less than two months after Kalshi closed a $300 million round at a $5 billion valuation, underscoring the feverish investor appetite for the company as prediction markets explode into the mainstream.