After a major downfall in the relationship between the two most powerful pro-crypto individuals, Elon Musk and Donald Trump on Thursday, Bitcoin (BTC) has led the wider crypto market in heightened volatility. The flagship coin teased below $101k in the past 24 hours before rebounding from the support level above $101,500 to trade about $104,543 on Friday, June 7, 2025, during the late North American trading session.
Amid the heightened crypto volatility, which caused a significant spike in forced crypto liquidations, the fear of further short-term selloffs remains palpable. Moreover, Bitcoin’s fear and greed index dropped from over 62 percent, suggesting market greed, to about 45 percent at the time of this writing.
What Next for Bitcoin Price?
Since recently hitting a new all-time high of around $111,690, BTC price has been trapped in a short term falling trend. The recent rebound in the past 24 hours confirmed that BTC price continues to move in a symmetrical falling channel.
From a technical analysis standpoint, the BTC price is at a crucial crossroads, which could either mean further correction or a fresh rally toward a new ATH. From the bullish point of view, BTC price has recorded a golden cross in the daily timeframe between the 50 and 200 Moving Average Simple (SMA).
In the four-hour timeframe, the BTC price has been retesting the upper border of the falling channel. With the 4-hour MACD line having crossed the signal line, BTC price may continue with bullish sentiment beyond $106k.
From the bearish perspective, the BTC price has not yet formed any solid reversal pattern after being trapped in a falling channel in the past few weeks. As a result, a potential close below the support level around $103,329 will trigger a correction towards the support level around $101,570.
The crypto market in 2025 is facing intense turbulence. The capitalization of once-hot trends like meme coins has plummeted. Capital has flowed out of decentralized finance (DeFi) protocols, driving DeFi’s total value locked (TVL) down from $120 billion to around $87 billion.
In this context, Sonic stands out. It has consistently hit new TVL highs, reaching $1 billion in April after growing nearly 40 times since the beginning of the year. So, what makes Sonic a bright spot amid a stormy market?
Investors Are Pouring Capital into Sonic
Sonic has made its mark with a rapid TVL growth rate, far outpacing better-known blockchains. According to DefiLlama, Sonic reached $1 billion in TVL within 66 days. In comparison, Sui took 505 days, and Aptos needed 709.
This achievement reflects strong capital inflows into the Sonic ecosystem despite the broader DeFi trend of capital withdrawal. Data from Artemis supports this, ranking Sonic as the second-highest netflow protocol this year—trailing only Base, a blockchain backed by Coinbase.
The growth goes beyond TVL numbers. Sonic’s ecosystem is attracting various projects, including derivatives exchanges like Aark Digital and Shadow Exchange and protocols such as Snake Finance, Equalizer0x, and Beets. These projects still have small TVLs, but they have the potential to draw new users and capital, fueling Sonic’s momentum.
However, the question remains: Can this capital inflow remain sustainable while the market fluctuates?
Andre Cronje on Sonic’s Potential and Strengths
Andre Cronje, the developer behind Sonic, shared his ambition in an interview to push this blockchain beyond its competitors.
“Sonic has sub-200 millisecond finality, faster than human responsiveness,” Andre Cronje said.
According to Cronje, Sonic isn’t just about speed. The platform also focuses on improving both user and developer experience. He explained that 90% of transaction fees go to dApp, not to validators, creating incentives for developers to build.
Unlike other blockchains, such as Ethereum, which are limited by long block times, Sonic leverages an enhanced virtual machine that theoretically processes up to 400,000 transactions per second. Cronje acknowledges, however, that current demand has yet to push the network to its full capacity. Still, these technical advantages make Sonic a compelling option for developers seeking more user-friendly dApps.
He also revealed new features on Sonic that have the potential to attract users.
“If your first touch point with a user is to download this wallet and then buy this token on an exchange, you’ve lost 99.9% of your users. They’ll use their Google off-email password, fingerprint, face, whatever it is, to access the dApp and interact with it, and they’ll never need to know about Sonic or token,” Andre Cronje revealed.
Risks and Challenges Ahead
Despite reaching impressive milestones, Sonic is not immune to risk. The price of its token, S, has declined significantly from its peak. According to BeInCrypto, it has dropped around 20% in the past month—from $0.60 down to $0.47—mirroring the broader market’s volatility.
Furthermore, Grayscale recently removed Sonic from its April asset consideration list. This decision reflects a shift in the fund’s expectations and raises concerns about Sonic’s ability to maintain its TVL should investor sentiment deteriorate.
Sonic also faces fierce competition from other high-performance chains like Solana and Base. Although Sonic holds a clear advantage in speed, long-term user adoption will depend on whether its ecosystem can deliver real value, not just high TVL figures.
In a convoluted and dramatic scandal, HyperLiquid was rocked today by a massive JELLY short squeeze. It was forced to assume one trader’s liabilities, leaving it on the hook for $230 million.
As this situation developed, major CEXs like Binance and OKX listed JELLY perpetuals in what looks like a direct attack. HyperLiquid delisted the token, sparking extreme controversy.
Essentially, massive JELLY whales managed to manipulate the meme coin price, causing losses in HyperLiquid’s HLP vault.
“A massive whale with 124.6 million JELLYJELLY ($4.85 million) is manipulating its price to make Hyperliquidity Provider (HLP) face a loss of $12 million. He first dumped the token, crashing the price and leaving HLP with a passive short position of $15.3 million. Then he bought it back, driving the price up—causing HLP to suffer a loss of nearly $12 million,” LookonChain claimed via social media.
So, essentially, JELLY JELLY initially surged nearly 500% today. This dramatic jump was sparked by what’s called a “short squeeze.” It occurs when someone bets heavily that a coin’s price will fall (known as “shorting”), but instead, the price unexpectedly rises.
In this case, a trader borrowed a massive amount of JELLY tokens and sold them immediately. He expected the price to drop, buy the tokens back cheaper, and keep the difference as profit.
Unfortunately for the trader, the price didn’t fall—it skyrocketed, forcing them to buy back the coins at much higher prices, creating massive losses.
This sudden forced buying pushed the price even higher, catching the attention of traders and investors who jumped in to ride the wave. In under an hour, JELLY’s market cap rapidly increased from $10 million to $43 million.
This frenzy also left Hyperliquid, the exchange involved, holding a big loss of $6.5 million from the trader’s failed short position, sparking speculation about potential financial stress on the platform.
Meanwhile, Binance and OKX listed JELLY perpetuals, further driving its price up. So the potential loss became even larger for Hyperliquid. Some users even urged Binance and other competitors to list the token and deal a ‘death blow’ to Hyperliquid.
Binance Users Urging Officials to List JELLY JELLY and Trigger Losses for Hyperliquid. Source: X (formerly Twitter)
Binance is Apparently Trying to Liquidate HyperLiquid
In a very interesting twist, it looks like these competitors are heeding the call. Binance, the world’s largest crypto exchange, was hit with a wave of requests to list JELLY JELLY, thereby causing big losses for HyperLiquid.
Yi He, one of its co-founders, said she would consider a listing, and crypto sleuth ZachXBT claimed that the original whale was funded via Binance.
Shortly after these developments happened, Binance announced that it would begin offering perpetuals contracts for JELLY.
OKX also jumped on the bandwagon with perpetuals trading of its own. After this, HyperLiquid announced that it would delist JELLY JELLY, seemingly erasing its unrealized losses.
“After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps. All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement,” HyperLiquid’s statement claimed.
This radical action immediately caused an explosion on social media. HyperLiquid’s supporters expressed unease over the JELLY JELLY incident, while its detractors accused the firm of criminal activity.
The firm’s validators confirmed that they unanimously took the decision, partially rebutting rumors that its CEO acted alone.
Still, there are no mincing words here. If HyperLiquid can simply declare its JELLY JELLY liabilities null and void, that’s a highly destabilizing act.
The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…
Pi Coin price has continued to fall due to the absence of any positive catalyst despite the broader crypto market resting in the green. The Pi Network community has blamed the delay in Binance listing as one of the prime reasons behind the continuing downturn momentum in the asset. However, some argue this delay could actually be a strategic win for Pi’s long-term growth.
Pi Network’s Binance Listing Delay: A Positive Sign?
While most crypto tokens rush to secure exchange listings, Pi Network seems to be playing a longer game. A recent post by Pi-focused X account PiNewsLast24Hrs argued that not listing the asset on Binance just yet might be a smart move.
According to the post, many newly listed tokens experience price dumps and volatility shortly after listing. This pattern often harms long-term holders and attracts short-term traders. By delaying its Binance debut, Pi Coin is keeping the focus on real-world utility rather than price speculation.
The ecosystem is currently centered around merchant adoption and use cases, instead of just attracting traders looking to flip the token. This helps Pi Network avoid becoming another pump-and-dump target.
In addition, the delay gives the team tighter control over tokenomics. Without a major exchange listing, Pi can manage its circulating supply more efficiently. This prevents early whales from accumulating large volumes and manipulating the market later.
Meanwhile, the post also mentioned that Pi Network is working to build a closed ecosystem where users can actually spend the token. From in-app purchases to future decentralized apps and payment use cases, the goal is to create actual demand. This foundation could lead to stronger price action once Pi lists on major platforms.
Long-Term Goal Vs Short-Term Gains
Another key reason for the delay is to create a committed and patient community. Without instant liquidity on Binance, users are encouraged to stay involved with the project. This helps build a strong, mission-driven user base focused on utility, not hype.
Simultaneously, regulatory readiness is a concern. Taking the time to align with legal frameworks in different countries positions Pi Network for smoother future listings. It also adds credibility, especially among institutional investors and global users.
However, Pi Coin price today continued to slip and was down more than 3% to $0.58. Notably, the token has hovered between the $0.6087 and $0.56 range over the last 24 hours. However, a recent report highlighted when the Pi price may continue to move towards the north.
Despite the bullish speculations, investors should exercise due diligence while putting their bets into the asset. Besides, a recent Pi price prediction also showed that currently the bears are dominating and the value may fall to as low as $0.54 through next month.
