The global cryptocurrency market witnessed a broad downturn today, with total market capitalization falling by 2.47% to $3.32 trillion, as major assets bled red across the board. Bitcoin dropped 2.3%, Ethereum shed 4.5%, XRP lost 3.24%, and Solana slid 4.9% against the U.S. dollar.
But it was Dogecoin that took the steepest plunge among the top ten, tumbling 5.9% in a single day. Over $320 million in bullish bets were wiped out within a single hour, signaling a harsh wake-up call for overly optimistic traders.
BTC & ETH in Red, Altcoins Hit Harder?
Bitcoin bore the brunt of the crash, with nearly $317 million in long positions liquidated in a day. The majority, over $306 million, were long bets. Prices slid nearly 4% in 24 hours, pulling BTC below $104K. While it’s still holding a 5% gain for the week, the momentum shifted after it peaked above $110,000 on Tuesday. One massive $201 million long on Binance alone got rekt in the plunge, according to CoinGlass data.
Meanwhile, ETH fell over 6% on the day, crashing down to $2,650. Despite this drop, it’s still up about 9% on the week, thanks to an earlier surge. Daily liquidations for ETH totaled $151 million, second only to Bitcoin.
While altcoins like Solana, XRP, and Dogecoin were hit next, as bearish pressure swept across the altcoin market. Solana tumbled over 6% to $152.80, XRP dropped 4% to $2.20, and Dogecoin was the day’s worst performer, down 7% to $0.181. DOGE’s steep fall makes it the biggest loser among the top ten cryptocurrencies.
Crypto took a hit today, mainly because of rising tensions in the Middle East. Reports say Israel launched an airstrike on Iran’s nuclear site, which scared global investors. Many rushed to safer options like gold, causing it to jump 5%, while risky assets like crypto dropped.
Inflation Data Triggers Profit-Taking
The selling pressure began after the release of the U.S. CPI report on Wednesday, which showed cooling inflation for May. While that might seem like good news, the market reacted with a round of profit-taking, pushing prices down instead. Bitcoin and Ethereum slipped after the report, while altcoins were already struggling earlier in the day, only to see losses deepen by afternoon.
Longs Crushed, Market Dips 5%
In total, the market saw over $713 million in liquidations over the past 24 hours, $650 million of those from long positions. The broader market is now down roughly 5% in a day, according to CoinGecko, with traders rethinking their bullish positions amid rising volatility.
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Veteran trader Peter Brandt shared his take on the current state of Ethereum (ETH), suggesting it’s poised for a breakout. Although Brandt did not explicitly mention this, his ETH daily bar chart spoke for itself. Based on the trader’s chart, the Ethereum price has been consolidating over the past three weeks, forming a symmetrical triangle,
The incident was controversial after some community members noticed some concerning data. The revelations led to dire allegations, with some likening ZkSync to Mantra (OM). To some, ZKsync responded to the hack by dumping their assets at an accelerated pace.
“The ZkSync team has released 110 million tokens and sold 66 million. The price of ZK is going against the trend as the market is recovering, and it has immediately dropped by 15%. First OM, now ZK, this project seems to be heading in the wrong direction,” one user noted.
This bordered on embezzlement. However, in a recent development, the ZKsync Association revealed that the hacker returned 90% of the funds, effectively honoring the safe harbor deadline.
We’re pleased to share that the hacker has cooperated and returned the funds within the safe harbor deadline. As stated in the original Security Council message, the case is now considered resolved.
The assets are now in custody of the Security Council, and the decision on what… https://t.co/X0oejun9Tx
Through an April 21 post on X (Twitter), the ZKsync Security Council offered the hacker a 10% bounty if they returned the stolen funds, allowing a 72-hour window.
“To resolve this matter amicably in the spirit of safe harbor, we are offering a 10% bounty for your cooperation if you return 90% of the funds involved in the exploit,” ZK Nation shared on X.
As it happened, the bad actor heeded, transferring almost $5.7 million to the ZKsync Security Council across three transfers on April 23.
Specifically, they sent two transfers on the ZKsync Era blockchain. The first involved sending $1.83 million worth of Ethereum (ETH) to the ZKsync Security Council’s ZKsync Era address, and the second involved sending $2.47 million worth of ZKsync tokens.
Transfers made through the ZkSync Era blockchain. Source: explorer.zksync.io
In the third transaction, the ZKSync hacker sent 776 ETH worth approximately $1.4 million to the ZkSync Security Council’s Ethereum address.
Transfers made to the ZKsync Security Council’s ZKsync Era address. Source: Etherscan.io
With this, the ZKsync Association committed to publishing a final report revealing more details about the security incident.
Meanwhile, it is worth noting that the hacker followed instructions given by the ZKsync Security Council to the letter. Based on this, the case closes without further action.
It mirrors past incidents, including Ronin Bridge hackers returning $10 million worth of ETH and earning a $500,000 bounty.
Despite the turn of events, however, the ZK token continues to display bearish sentiment, down by nearly 2% in the last 24 hours. As of this writing, ZKsync’s token was trading for $0.06.
Meanwhile, not all hacking incidents honor safe harbor offers. Recently, Bybit launched a bounty program offering up to 10% of recovered funds to ethical hackers and cybersecurity experts.
This incentivized efforts to reclaim $1.4 billion in stolen assets. While some efforts to reclaim lost assets yielded results, the partial recovery was thanks to key industry players stepping in, not the exploiter.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to view the market from the eyes of financial experts across TradFi and crypto. Given the more established financial channels, there is growing overlap, with Bitcoin (BTC) inadvertently benefiting from TradFi woes.
Crypto News of the Day: Max Keiser Says Bitcoin and Saylor Are the Future
Warren Buffett made the ultimate case for Bitcoin as the American investor considers stepping down as CEO of Berkshire Hathaway.
Pending board approval, Buffett could step aside at the end of the year, giving way for Greg Abel, vice chair of non-insurance operations, to become Berkshire’s new chief.
This revelation came at Berkshire Hathaway’s annual shareholder meeting on May 3, 2025, where Buffett also offered a stark warning about the long-term value of the US dollar.
He noted that every system eventually debases its currency. According to Warren Buffett, government decisions make paper money lose value over time.
“In the end, if you get people to control the currency, you can issue paper money, and you will,” Buffett told shareholders in Omaha.
Warren Buffett Slams US Fiscal Policy at Berkshire Hathaway Annual Shareholder Meeting
Without naming alternatives such as Bitcoin, the 93-year-old investor cautioned against holding assets denominated in a currency he said was systematically devalued by government policy.
“The natural course of government is to make the currency worth less over time… Some places devalue at breathtaking rates… it’s not evil, it’s just their job,” he added.
The investing icon said that if his late partner, Charlie Munger, had to choose a second area besides stocks, he would have gone into foreign exchange.
These remarks suggested an openness to non-traditional assets. Bitcoin advocate and broadcaster Max Keiser responded to the remarks in an interview with BeInCrypto.
Max Keiser interprets Buffett’s comments as a tacit validation of the thesis behind Bitcoin.
“Executive chairman and co-founder of MicroStrategy Michael Saylor is the Warren Buffett of the 21st century. He saw what Buffett described and built his strategy around it,” Keiser started.
“Warren Buffett built his empire on money printing. Most of his holdings over the years have been in banks, insurance companies, and financial services,” Keiser claimed.
In his view, Buffett benefited from having political leverage in Washington, particularly during the 2008 financial crisis. During this time, Keiser says, his [Buffett] investments in Wall Street institutions aligned with government-led rescue efforts.
Buffett’s Role During The 2008 Financial Crisis Is Well Documented
Michael Saylor, meanwhile, has taken a dramatically different approach. Under his leadership, MicroStrategy (now Strategy) began acquiring Bitcoin in 2020 as part of its corporate treasury strategy. The firm cited concerns about the long-term debasement of fiat currencies.
As of early 2025, the company holds more than 200,000 BTC, worth tens of billions of dollars at current market prices. A recent US Crypto News publication revealed one of Strategy’s latest Bitcoin purchases.
Buffett has long been critical of Bitcoin, famously calling it “rat poison squared” in 2018. However, some in the digital asset space have interpreted his recent comments about currency debasement as aligning with core arguments made by Bitcoin proponents.
Based on his remarks, the American investor and philanthropist is concerned about the US fiscal policy.
His comments allude that while he may not like Bitcoin, he clearly understands why it exists. Sentiment on X (Twitter) shows that community members took notice.
Responses suggest that if Warren Buffett understands money and its flaws manifested in fiat form, why does he not endorse Bitcoin as the solution?
“Warren Buffet talks about the virtues of Bitcoin without mentioning Bitcoin,” one user on X quipped.
Meanwhile, others hope Buffett’s prospective replacement as CEO will see the next Berkshire Hathaway chief to lead the company in a different direction, potentially adopting Bitcoin.
A spokesperson for Berkshire Hathaway did not immediately respond to a request for comment on Keiser’s remarks.
Elsewhere, and in line with Buffett’s statement about foreign exchange, QCP Capital analysts cite a remarkable 8% rally in the Taiwanese Dollar (TWD) on Monday.
They cite this as the TWD’s sharpest move in decades, alongside gains in other APAC currencies with strong current account surpluses. According to the analysts, speculation over a potential US-Taiwan trade deal drove this rally, as did insurer-hedging flows, pushing TWD’s 1Y NDF spread to its widest since 2008.
While Taiwan’s trade surplus supports the TWD, capital outflows have historically balanced it. This shift mirrors past foreign exchange dislocations like the 2023 JPY carry unwind.
For crypto, the move signals possible macro volatility ahead, with gold up 3% and BTC facing a binary path tied to global capital flows and trade diplomacy.
“In a market where correlations are fraying, FX may once again be the canary in the macro coalmine,” wrote QCP analysts.
Chart of the Day
US dollar index (DXY) performance year-to-date. Source: TradingView
The chart shows the US Dollar Index (DXY) trend from 2025, reflecting fluctuations in the value of the US dollar against a basket of major currencies. It indicates a downward movement from February to May, with a recent slight recovery.
Byte-Sized Alpha
Here’s a summary of more crypto news to follow today:
A new discussion draft introduces a framework to reduce market concentration and foster innovation. The bill clarifies jurisdiction between the SEC and CFTC, emphasizing decentralized systems and providing regulatory clarity for digital asset markets.
