Here’s what happened in crypto today

Bitcoin futures traders are showing resilience despite the cryptocurrency's price dropping to $89,000. The stability in the derivatives market suggests that traders may be anticipating a potential price reversal, indicating a level of confidence amidst the recent downturn.

Japan has officially elevated Shiba Inu (SHIB) into its highest-tier crypto compliance category, placing it alongside Bitcoin and Ethereum. This milestone reflects a clear shift in how Japanese regulators view SHIB, recognizing it as more than a speculative token and validating its advancement into a government-approved digital asset.

Bitcoin is currently trading at critical price levels around $90,000, indicating a severe short-term capitulation phase. Recent data from CryptoQuant reveals that short-term holders are realizing losses at a scale typically seen near major market turning points. The STH-SOPR metric has dropped below the critical 1.0 threshold, suggesting that many are selling out of fear rather than strategy, marking a significant moment of uncertainty in the cryptocurrency market.

Bitfury, a prominent Bitcoin mining firm, has announced a strategic shift away from mining operations to focus on technology investments. The company plans to launch a $1 billion technology fund aimed at supporting ethical artificial intelligence and cryptocurrency startups, marking a significant transition after 14 years in the mining sector.

Michael Selig, the prospective chair of the Commodity Futures Trading Commission (CFTC), expressed support for regulatory oversight in digital asset markets during his nomination hearing. He emphasized the importance of having a regulatory 'cop on the beat' to ensure proper governance in the DeFi sector.

Michael Selig, the prospective chair of the Commodity Futures Trading Commission (CFTC), expressed support for regulatory oversight in digital asset markets during his nomination hearing. He emphasized the importance of having a regulatory 'cop on the beat' to ensure compliance and protect investors.

A bearish signal from Bitcoin’s SuperTrend indicator suggests a potential major price decline, with estimates indicating a possible drop of up to 77%. This prediction is further supported by the Crypto Fear and Greed index, which is currently registering 'extreme fear' in the market.

A bearish signal from Bitcoin’s SuperTrend indicator suggests a significant price decline, potentially leading to a 77% drop. This prediction is further supported by the Crypto Fear & Greed index, which indicates 'extreme fear' in the market.