Coinbase ’doubles down’ on Solana with latest DEX acquisition

Bitcoin has experienced a significant decline, losing over 35% of its value since early October, dropping from its all-time high of $126,000 to around $81,000, triggering panic in the market. This downturn has led to forced liquidations and a collapse in investor confidence, pushing Bitcoin into oversold territory.

Solana's price has shown early signs of recovery, maintaining critical support at $131, which suggests a potential short-term bullish reversal in the cryptocurrency market. The price has recently bounced back from a low of $128, indicating a shift in momentum as it consolidates above $135.

The price of Solana has seen a slight bounce recently; however, a significant portion of its supply is now underwater, indicating that many investors are facing losses. This situation has led to increased uncertainty in the market as the cryptocurrency struggles to maintain its value amidst ongoing volatility.

Monad has launched its MON token on the Solana blockchain through the Sunrise platform, facilitating seamless trading and transfers across different blockchain networks. This launch is a significant step for Monad as it aims to enhance its market presence and user accessibility.

Bitcoin is experiencing a significant drawdown attributed to reversing ETF flows, weaker treasury demand, and a shrinking stablecoin supply, indicating a capital flight. Despite this volatility, the long-term demand for Bitcoin remains strong, bolstered by institutional adoption and sovereign interest. Bitcoin Hyper, a new initiative, aims to enhance Bitcoin's utility through a high-speed DeFi platform, raising over $28 million in its presale.

Bitcoin has experienced a significant price drop of over $40,000 in the past six weeks, leading to a negative shift in market structure, according to Jeff Park, CIO at ProCap BTC. He emphasizes that the focus should be on the volatility markets rather than just spot prices, noting a resurgence in implied volatility that resembles earlier Bitcoin market conditions.

Michael Saylor has reiterated his commitment to Bitcoin amidst a significant price drop, with Bitcoin sliding towards the $80K–$85K range, raising concerns among leveraged traders and prompting warnings of a potential market crash. Saylor's company, Strategy, holds over 649,000 BTC, which remains profitable on paper despite the recent volatility.

Bitcoin and Ether have faced significant outflows from exchange-traded funds (ETFs), with Bitcoin experiencing a record $903 million exit, reflecting growing investor caution amid fears of a bear market. In contrast, Solana has seen a notable increase in ETF inflows, showcasing a divergence in market sentiment.