What Happened in Crypto Today: Top Crypto News And Update

What Happened in Crypto Today: Crypto News Key Highlights

In a hectic day for the crypto news and finance community, key events have remapped investor attitudes and market forces. MicroStrategy doubled down on Bitcoin as it introduced its STRC stock to raise more to spend on BTC purchases, now possessing over 607,000 coins. In the meantime, Ethereum's decline below $3,700 ignited massive trader losses, revealing market volatility. India created headlines with the COINS Act 2025, a comprehensive crypto news reform to restore investor confidence. In the midst of this, CoinDCX battled back following a $44M hack, and U.S. Fed Chair Jerome Powell is to face a criminal referral, casting doubt over monetary policy projections or he will quit.

Fear & Greed Index: Still in Greed Zone

Global crypto news market capitalization is hovering near $3.98 trillion up by 4.9% in the last 24 hours. The Crypto News remains in good spirits. The CMC Fear and Greed Index remains unchanged at 67 (Greed) - as yesterday. Total trading volume over the last 24 hours stood at $275 billion, with Bitcoin dominance at 59.2% and Ethereum at 11.1%.

Source: CoinMarketCap

MicroStrategy Launches STRC Stock to Buy More Bitcoin

MicroStrategy introduced a fresh share offering called Strategy STRC Stock, which is meant to finance additional Bitcoin buys. The firm aims to sell 5 million shares, taking its already aggressive BTC course to an even higher level. 

This step comes after their recent purchase of 6,220 BTC valued at close to $740 million. Their holdings are now at 607,770 BTC valued at around $71 billion. This solidifies their transformation from being a software company to being a significant player in the cryptocurrency space.

The fresh STRC shares also enable retail investors to access Bitcoin exposure without directly holding it. It may also compel the likes of Tesla and Block Inc. to attempt the same.

Source: X

Ethereum Takes a Hit: Why ETH Fell Below $3,700

Having increased over 100% over the past 3 months, Ethereum's recent price crash caught many by surprise. AguilaTrades is one such trader who made bold bets during the ascent and the descent, resulting in a loss of $27 million.

He initially shorted ETH but then took a long position. Although he posted a temporary $3 million profit, the reversal came quickly, and he is currently sitting on a $186 million short with $7 million in unrealized loss. It's a strong reminder of how rapidly the Crypto News market can shift.

Source: Lookonchain

CoinDCX Repels Back After $44M Hack

India's largest exchange, CoinDCX, was hacked for $44 million. This hacking occurred through phishing and targeted an account of trading used for liquidity on other exchanges.

Using instruments like Jupiter, Wormhole, and Tornado Cash, the misplaced money was transferred from Solana to Ethereum. In response, CoinDCX provided a Recovery Bounty, which would give anyone who might help 25% of the money that was recovered. The attackers are being tracked through major players like Sygnia Labs, SuperteamIN, and Solana Foundation. The exchange assured that only internal reserves were hacked, and no customer funds were lost.

Source: Sumit Gupta

India Introduces COINS Act 2025

India has launched the COINS Act 2025, a seminal crypto news reform that aims to promote innovation and still protect users. The law repeals the 30% tax and 1% TDS, legalizes self-custody, makes national reserves accessible for Bitcoin, and establishes CARA to regulate.

The move is meant to draw back the $2 billion of cryptocureency funds that left India due to unclear policies. Encouraged by Bhutan's Bitcoin playbook, India plans to emerge as a genuine player in the crypto news space. 

Source: X

Big Trouble for Fed Chair Powell: What It Means?

U.S. Rep. Anna Paulina Luna accuses Fed Chairman Jerome Powell of lying at a Senate hearing regarding a $2.5 billion building facelift. She has requested the Justice Department to investigate him. He is under scrutiny and will testify today. Analysts estimate that if he lowers U.S. interest rates, the crypto news market will increase. If interest rates remain the same, the market might be unaffected -unless a banking crisis occurs, which will cause prices to decrease.

Today's crypto space is full of action and unpredictability. Whether it's MicroStrategy purchasing additional Bitcoin or India pushing for crypto-positive legislation, there's significant change afoot. Ethereum's price drop out of the blue and the CoinDCX hack remind us that the risks remain present. With Jerome Powell in serious trouble and a rate cut potentially on the horizon, everyone is waiting to see how this impacts the markets next. Remain vigilant - the crypto news  space moves quickly.