CoinDesk 20 Performance Update: Hedera (HBAR) Gains 11.3%, Leading the Index Higher

Bitcoin's market has suffered a significant downturn, with a reported $1 trillion loss, exposing its fragile market structure according to Deutsche Bank. The price of Bitcoin has plummeted from its all-time high of $126,000 to around $81,000, triggering panic among traders and raising concerns about the stability of the cryptocurrency market.

XRP's price has dropped to $2.08 following the debut of Grayscale's GXRP ETF, which failed to stimulate market interest. This decline reflects ongoing volatility in the cryptocurrency market, exacerbated by broader economic factors and investor sentiment.

BitMine has significantly increased its Ethereum holdings by adding nearly 70,000 Ether last week, bringing its total to over 3% of the entire ETH supply. This acquisition, valued at approximately $60 million, comes during a period of market recovery despite the company facing substantial unrealized losses of around $4 billion.

Monad Blockchain has officially launched with a total token supply of 100 billion, accompanied by an airdrop to users. This deployment marks a significant milestone for the blockchain, which aims to enhance the cryptocurrency ecosystem.

Citigroup has issued a warning regarding a potential chill in the Bitcoin market as prices have significantly dropped, with Bitcoin trading around $85,500, reflecting a broader downturn in sentiment. This decline coincides with ETF outflows nearing $4 billion, indicating a lack of investor confidence in the cryptocurrency market.

Last week, a strategy reportedly paused its Bitcoin accumulation, reflecting a cautious approach amid ongoing market volatility. This pause comes as Bitcoin's price has been fluctuating significantly, raising concerns among investors about the cryptocurrency's stability.

Upbit is reportedly seeking an initial public offering (IPO) on Nasdaq following its recent merger with Naver, as reported by Bloomberg. This move marks a significant step for Upbit, a major player in the cryptocurrency exchange market, as it aims to expand its operations and enhance its market presence.

A microcap biotech firm has successfully raised $212 million to implement a treasury strategy centered around a prediction market token, signaling a significant move into the cryptocurrency space. This funding aims to enhance the firm's financial strategy and leverage the growing interest in digital assets.