Crypto News Today, December 15 – Why Is Crypto Down Today? Bitcoin Below $90K, Hashrate Drop, Ethereum Holds, Top Gainers Including BEAT

Ethereum is currently experiencing significant selling pressure, with its price dropping to $2,933 after a 9% decline in just eight hours. This downturn has led to the liquidation of over $670 million in long positions, reflecting a broader market struggle characterized by fear and uncertainty. Analysts are increasingly predicting a prolonged bear market extending into 2026, as Ethereum remains below critical structural levels.

Synthetix has made its return to the Ethereum mainnet after a three-year absence, as announced by founder Kain Warwick. This move is expected to enhance the performance of the platform, which is now faster than ever.

The U.S. Federal Reserve has revised its guidance on how banks can engage with cryptocurrency, allowing for greater participation in digital asset trading. This change reverses previous restrictions that limited the activities of uninsured state-chartered banks, enabling them to access core payment systems and Federal Reserve membership.

Bitcoin's price has plunged to approximately $84,500 following a series of aggressive sell-offs, raising concerns about its stability and potential further declines. This significant drop comes amid a broader bearish sentiment in the cryptocurrency market, with analysts warning of a possible retest of the $70,000 support level.

Bitcoin's price has struggled to maintain stability, recently floundering below $90,000 despite a cooling inflation rate and rising stock markets. The cryptocurrency ended the week under $89,000, losing gains due to liquidity concerns and market volatility, particularly influenced by the Bank of Japan's interest rate decisions.

Dogecoin (DOGE) is nearing a critical price zone as investor interest wanes, ETF inflows stagnate, and selling pressure increases. The cryptocurrency is trading close to levels where many holders acquired their tokens, raising concerns about potential downside risks if market confidence continues to decline.

Bitcoin's price briefly reached $90,000 following the November Consumer Price Index report, which indicated a decrease in US inflation. However, the cryptocurrency's ability to sustain this rally remains uncertain as key market indicators are lacking.

Recent data indicates that the anticipated impact of the Bitcoin mining crackdown in China, particularly in Xinjiang, has been overstated, with hashrate losses being temporary and influenced by external factors such as power curtailments in the US.