What Happened In Crypto Market Today: Why BTC, ETH, XRP Price Rally?
What Happened In Crypto Market Today (Sept 25) and What’s Coming Next
Crypto woke up green today, and it wasn't a quiet move. If you're asking what happened in crypto market today, the short version is this: Bitcoin, Ethereum, XRP and Cardano all pushed higher together, regulators dropped two stablecoin proposals, BlackRock backed a new onchain product line, and a major exchange confirmed a $350 million hack in the same 24 hours.
Good news and bad news landed side by side, and the market still went up.
Three key takeaways
The global crypto market today sits at $2.96 trillion today, up 1.9% in 24 hours, with Bitcoin holding 57.5% dominance.
The rally is driven by real regulatory and institutional news, not just hype: new US stablecoin rules and a BlackRock-Ondo partnership both landed today.
The same day also brought serious bad news: Bitget confirmed a $351.6 million hack, and three other projects reported separate incidents.
Why Is Crypto Market Up Today?
Money is flowing back into the top coins first. Bitcoin price today sits at $84,691.11, up 1.8% after climbing from $83,105.00, with a $1.701 trillion market cap. Ethereum price today is at $2,708.78, up a stronger 2.5%, carrying a $330.712 billion market cap.
XRP price today jumped 6.7% to $1.56, with a $97.922 billion market cap, and Cardano posted the biggest move among majors, up 7.7% to $0.2522 with a $9.459 billion market cap.
Total trading volume across the market hit $105 billion in the last 24 hours, a sign that this move has real buying behind it, not just a few large trades pushing prices around.
Top Crypto Gainers And Losers Today
Small-cap tokens moved even harder than the majors, based on data from CoinGecko.
Token | Price | 24h Volume | Move |
BENQI (QI) | $0.00462 | $60,761,525 | +214.5% |
MUSHROOM (SHROOM) | $0.02746 | $4,440,496 | +76.3% |
Fren Pet (FP) | $8.38 | $574,067 | +52.0% |
Zano (ZANO) | $6.78 | $1,553,364 | -9.4% |
Venom (VENOM) | $0.01031 | $52,337.98 | -17.1% |
Unitas (UP) | $0.3028 | $8,220,259 | -10.3% |
Crypto Liquidation Today: Who Got Caught Out?
Fast rallies always squeeze someone. CoinGlass data shows 71,521 traders were liquidated in the past 24 hours, for a total of $228.54 million wiped out, split between $96.72 million in long liquidations and $131.81 million in short liquidations.
The single largest order was a $3.13 million BTC/USDT liquidation on Gate.
The Good News: Regulation And Institutions Back The Rally
Federal reserve proposal, Ondo finance partnership and CFTC statements are some major crypto news today.
Federal Reserve Proposes New Stablecoin Rules
The Federal Reserve proposed two stablecoin rules under the GENIUS Act today.
The first requires Board-supervised issuers to fully back stablecoins with reserve assets like short-term Treasury bills and other high-quality, liquid assets, plus meet capital, custody and risk management standards. The second sets a tailored application process for banks wanting to issue their own payment stablecoins, requiring a business plan and financial documents.
CFTC Clarifies Rules For Tokenized Assets
Separately, the CFTC clarified that registered derivatives firms can hold certain customer investments as tokens and use blockchain records to meet federal recordkeeping rules.
The update confirms futures commission merchants and derivatives clearing organizations can invest customer funds in tokenized versions of assets that already meet Regulation 1.25 requirements. It opens a clearer regulated path for tokenized assets to enter mainstream derivatives markets.
Ondo Finance Partners With BlackRock On Onchain Portfolios
Ondo Finance partnered with BlackRock to launch Ondo Intelligent Portfolios, three onchain investment tokens built on strategies BlackRock developed for Ondo: BLKHIon (High Income), BLKDIGon (Diversified Growth) and BLKGRWon (High Growth).
Each portfolio is delivered as a single transferable token, a new onchain product category. Access is currently limited to eligible investors outside the US, but the tie-up signals growing institutional interest in crypto market today.
The Bad News: Hacks And Legal Trouble Hit The Same Day
Bitget, kelpDAO, Meter and Magic Eden news shaked the crypto market today.
Bitget Confirms $351.6 Million Hack
In the early hours of September 25, Bitget confirmed unauthorized transfers drained a portion of its hot and warm wallets, with an estimated impact of $351.6 million, one of 2026's largest reported breaches.
CEO Gracy Chen said the hack is very likely linked to North Korea and confirmed withdrawals were suspended immediately. Chen said customer balances remain accurate and its $464 million User Protection Fund can cover the loss.
KelpDAO Files Civil Claim Against LayerZero
According to Wu Blockchain, Evercrest (KelpDAO) filed a civil claim in British Columbia against LayerZero and CEO Bryan Pellegrino, tied to April 2026's rsETH bridge exploit that cost roughly $292 million. The claim alleges LayerZero failed to disclose risks or prevent its security infrastructure from being compromised, despite reviewing KelpDAO's deployment. Pellegrino called the claims meritless and said he will defend the case in Vancouver.
Magic Eden Wallet Activity Sparks Security Concerns
NFT tracker CirrusNFT flagged a wallet moving 3,832 NFTs out of hundreds of user wallets in the early hours of September 25. The transfers were later linked to Magic Eden-related sales recorded at 0 ETH, meaning tokens changed hands without payment.
This pattern suggests an operator used existing marketplace permissions rather than breaking into wallets, pointing to a likely white-hat move, though Magic Eden hasn't confirmed the cause.
Meter Network Hit By $2.3 Million Exploit
Meter's team posted a security update on X confirming an exploit that began September 23 at 21:14 UTC. An attacker used a block validation flaw to mint unbacked coins, dumped them on decentralized exchanges, then bridged funds out of the network, costing $2.3 million. Meter paused its mainnet and bridge, told users to stop all activity, and shared two attacker addresses publicly while working with exchanges and law enforcement.
What's Next For The Crypto Market?
So, what happened in crypto market today and what next? Two things are worth watching before September ends.
EGLD (MultiversX) is set for its first disclosed real-world business adoption tied to the Finance Computer, which runs directly on the MultiversX network, a concrete test of whether its B2B push turns into real usage.
Separately, a US House bill to formally custody the government's Bitcoin holdings has advanced, framing BTC as a sovereign-held asset, though it's still short of becoming law.
YMYL Disclaimer: This content is for informational purposes only and does not constitute financial, investment, trading or legal advice. Cryptocurrency prices are highly volatile and can change rapidly. Figures mentioned are accurate as of the time of reporting and may have changed. Always do your own research and consult a licensed financial advisor before making investment decisions.
