Silk Road founder Ross Ulbricht has raked in $1.8 million in Bitcoin from the sale of personal items linked to his incarceration. His prison ID card pulled in 11 BTC while an oil painting earned 1.2 BTC from the auction. Ross Ulbricht Earns Nearly $2 Million In Bitcoin From Prison Mementos As Ross Ulbricht savors the taste of freedom after over a decade behind bars, the Silk Road founder is parting ways with his items from prison. According to a listing description on Bitcoin-based marketplace Scare City, Ulbricht opted to auction the personal effects from his time in prison. “I’ve decided to auction some personal items from before my arrest and during my time in prison,” said Ulbricht. “I don’t need the reminders and I’m sure some of you will love to havee them.” Right off the bat, bids for the items began trickling in with Ulbricht’s prison ID card… Read More at Coingape.com
Bitcoin’s price has taken a sharp hit, dropping 4% in the past 24 hours and leaving investors worried. The global crypto market lost nearly $99 billion in just 24 hours, bringing the total market cap down to $2.89 trillion. But what is causing this sudden Bitcoin drop? Here’s the key reasons behind the recent market drop.
Uncertainty Over U.S. Government’s Bitcoin Plans
One major reason for Bitcoin’s decline is the significant Bitcoin initially surged to $92,000 following President Trump’s announcement of a U.S. Strategic Bitcoin Reserve. However, the market quickly turned bearish after realizing the executive order did not clarify how the government would acquire more Bitcoin.
The uncertainty surrounding whether the U.S. will buy more Bitcoin or just hold onto its seized BTC has left investors skeptical. Some experts, like Peter Schiff, believe the lack of clear accumulation plans could hurt Bitcoin’s long-term growth.
Bitcoin ETFs See Heavy Outflows
Another reason for Bitcoin’s drop is the significant outflow from Bitcoin spot ETFs. According to Farside data, Bitcoin spot ETFs recorded a massive outflow of $134.3 million. This came right after a day of positive inflows, where Bitcoin ETFs saw $22.1 million entering the market.
Leading the outflows was BlackRock’s iShares Bitcoin Trust (IBIT), which saw a $50.6 million outflow, followed by Grayscale Bitcoin Trust (GBTC) with $34.5 million and Franklin Templeton’s fund with $18 million in outflows.
No other major ETF recorded a net inflow, indicating strong selling pressure from institutional investors.
Market Liquidations Increase Selling Pressure
Apart from the spot Bitcoin ETF Outflow, increasing market liquidations is leading to massive selling pressure. In the last 24 hours, traders lost a total of $531 million, with long traders suffering the most. Long positions accounted for $398.3 million of these liquidations, while short traders faced $133 million in losses.
A total of 152,576 traders were affected by these liquidations, with the largest single liquidation occurring on Bitfinex’s BTC/USDT pair, valued at $15.40 million. As long positions get wiped out, the selling pressure increases, pushing Bitcoin’s price even lower.
Bitcoin Struggles to Hold Key Support
Lastly, bitcoin technical analysis suggests that BTC is struggling to hold its key support level as of now it is trading just below its key support level of $89,041. If it fails to reclaim this level, further declines toward $85,000 or even $82,761 could occur.
However, if Bitcoin manages to flip the $90,800 resistance into support, it could attempt a recovery toward $93,625.
The post Why Is Bitcoin Price Dropping? Key Reasons Behind the Sudden Crash appeared first on Coinpedia Fintech News
Bitcoin’s price has taken a sharp hit, dropping 4% in the past 24 hours and leaving investors worried. The global crypto market lost nearly $99 billion in just 24 hours, bringing the total market cap down to $2.89 trillion. But what is causing this sudden Bitcoin drop? Here’s the key reasons behind the recent market …
Solana (SOL) is up 28.4% over the past month, but its momentum has slowed. After briefly touching $184, it has gained just 0.78% in the last seven days. Despite this, Solana continues to dominate DEX metrics, leading all chains with $27.9 billion in weekly volume.
The broader ecosystem remains active, with multiple Solana-based apps among the top fee generators. However, technical indicators such as RSI, Ichimoku Cloud, and EMA lines suggest the rally may be losing steam, signaling a potential period of consolidation or correction ahead.
Solana Leads DEX Market With $27.9 Billion Weekly Volume and Surging App Activity
The weekly DEX volume for Solana surged by 45.78%, signaling a strong resurgence in on-chain activity after decreasing activity between March and April.
This rise is a spike and part of a broader trend, with volumes consistently staying above the $20 billion mark over the past month.
Top Apps and Chains by Fees and Revenue. Source: DeFiLlama.
Adding to its momentum, Solana is home to four of the past week’s ten highest fee-generating apps and chains. This includes familiar platforms and newcomers, showing a healthy diversity in the ecosystem.
Believe App, a newly launched Solana-based launchpad, stands out in the recent surge. In the last 24 hours alone, it generated $3.68 million in fees—surpassing well-established platforms like PancakeSwap, Uniswap, and Tron.
Momentum Cools for SOL as Indicators Turn Neutral
Solana’s Relative Strength Index (RSI) has dropped to 51.99, down from 66.5 just three days ago, signaling a clear loss of bullish momentum.
Over the past few days, the RSI has hovered between 44 and 50, reflecting a more neutral market sentiment after previously nearing overbought conditions.
The RSI is a momentum indicator that ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold territory. At 51.99, Solana sits in the neutral zone, which typically suggests a period of consolidation or indecision.
If the RSI rises above 60 again, it could point to renewed bullish strength; if it dips below 45, further downside pressure may follow.
The price is hovering near the Kijun-sen (red line) and Tenkan-sen (blue line), both of which have started to flatten—indicating a slowdown in momentum.
The Chikou Span (green lagging line) remains above the candles, suggesting that the broader trend still has a bullish bias. However, the lack of distance between it and the current price action reflects weakening strength.
The Kumo Cloud (green and red shaded area) ahead is still bullish, with the leading span lines spread apart, providing support beneath the current price.
However, with candles now closely interacting with the Kijun-sen and failing to strongly break above the Tenkan-sen, the short-term sentiment appears cautious.
If the price can push decisively above the blue line, momentum may return, but any drift into the cloud could signal the start of a more prolonged consolidation phase or potential trend reversal.
Solana’s Bullish EMA Structure Faces Momentum Slowdown
Solana’s EMA lines remain bullish, with the short-term moving averages positioned above the longer-term ones. However, the gap between these lines is narrowing, suggesting that upward momentum is weakening.
Solana price recently failed to break past a key resistance level, and although a retest could open the path toward reclaiming the $200 zone, the lack of strong follow-through raises questions about the trend’s strength.
Complementing this cautious outlook, the Ichimoku Cloud and RSI indicators point to a potential cooldown. Solana recently held above an important support level but remains vulnerable—if that support breaks, further downside could follow.
The broader structure still leans bullish, but the market appears to be at a crossroads. The next move likely depends on whether buyers can reclaim initiative or sellers push through key lower levels.
