Overview:
- Bitcoin dropped 1.26% to $111,123, while ETH dipped 2.88% to $4,002 in market-wide weakness.
- A technical mishap resulted in the unintended creation and deletion of $300 trillion worth of PayPal stablecoins (PYUSD).
- Coinbase Ventures invests in India’s CoinDCX, which is valued at $2.45 billion and reflects confidence in the country’s crypto prospects.
Crypto prices today are trading in the red as major tokens face a market-wide sell-off. Bitcoin price dipped below $112,000, while Ethereum slipped to around $4,000. The downturn follows a surprising $300 trillion minting glitch by Paxos and heightened investor caution. The general crypto market follows suit with the same weakness as investors retreat from risk assets. However, even as Coinbase’s new investment in India’s CoinDCX signals growing global confidence in crypto. Let’s see how crypto prices performed today in detail based on CoinMarketCap data.
Bitcoin Price Leads Market With Minor Decline
price is now trading at $111,123.54, which is down by 1.26% in the last 24 hours. Despite the fall, BTC is the largest cryptocurrency in the world with a market capitalization of $2.21 trillion. The trading volume touched $68.57 billion in the last 24 hours, with 19.93 million BTC currently in circulation.
Mr Sathvik Vishwanath, Co-founder and CEO of Unocoin, commented, “BTC is surging near Rs. 1.01 Crore, riding strong post-halving momentum. Bulls dominate as global liquidity flows in, while dips are quickly absorbed by buyers. Key resistance sits around Rs. 1.03-1.05 Crores; a clean breakout could accelerate BTC toward Rs. 1.15-1.2 Crore. Support holds near Rs. 98-100 Lakhs, offering low-risk entry points. Technicals show bullish patterns, with volume confirming accumulation. Oscillators hint at short-term consolidation before the next leg. Institutional interest and macro tailwinds amplify potential. This is not a pause, it’s a springboard. Strategic accumulation now positions you for the bull-run surge.”
Ethereum Price Dips Below $4,100
2.88% to $4,002.99, pulling back from recent gains. ETH recorded a trading volume of $47.08 billion over the past day, with a market cap of $483.15 billion. The second-largest cryptocurrency has 120.69 million ETH in circulation.
Why Is the Crypto Market Down Today?
The crypto prices today are recording widespread losses, with the majority of top cryptocurrencies trading lower. Avinash Shekhar, Co-founder and CEO of Pi42 said, ” is entering a phase of structural recovery after a historic leverage flush that has cleansed excess speculation and restored balance. Bitcoin, stabilizing around the $111,000-$114,000 range, is showing signs of resilience as traders weigh Federal Reserve tailwinds against global trade volatility. The recent dip appears more like a technical reset than a trend reversal, with market structure turning healthier.”
The Co-founder and CEO of Pi42 further explained, “Ethereum’s steady open interest growth and renewed trader positioning indicate confidence returning to major assets. Investors believe that if Bitcoin maintains key support and institutional inflows resume, it could reignite upside momentum through Q4. The broader sentiment suggests that this consolidation phase is laying the foundation for the next bullish leg rather than signaling exhaustion.”
Solana price was among the biggest losers, recording a 5.32% drop to $193.30. XRP price shed 3.76% to $2.40, and Dogecoin lost 3.91% to $0.1963. Cardano lost 4.35% to $0.6693 as well.
BNB dropped 2.23% to $1,178.62, with a $164.04 billion market cap. TRON defied the downtrend, increasing 0.91% to $0.3210, to a $30.38 billion market cap.
The stablecoins remained unchanged. Tether (USDT) stayed flat at $1.00 with a minor 0.01% increase, holding its $181.42 billion market cap. USD Coin (USDC) stayed at $0.9999, increasing 0.02%, with a $76.09 billion market cap.
Crypto News: Paxos Accidentally Mints $300 Trillion in PayPal Stablecoins
Blockchain company Paxos mistakenly minted 300 trillion PayPal USD (PYUSD) stablecoins before quickly burning them. The incident happened within a 30-minute window, leaving the crypto community buzzing.
Ethereum blockchain history reveals that Paxos minted a huge volume of tokens at 7:12 pm UTC and subsequently burnt them 22 minutes later by sending them to an inaccessible wallet. The supply that was minted inadvertently would have been worth approximately $300 trillion if it had not been destroyed.
Chaos Labs founder Omer Goldberg tweeted that Aave would briefly suspend PYUSD trading following the “surprising high-magnitude transaction.” Paxos subsequently clarified on X (formerly Twitter) that they had “accidentally minted excess PYUSD as part of an internal transfer.”
“This was an internal technical mistake,” Paxos wrote. “There is no security incident. Customer funds are secure. We have remediated the root cause.”
PYUSD is 1:1 pegged to the US dollar and has a current market cap of more than $2.3 billion, ranking it as the sixth-largest stablecoin in the market.
Coinbase Supports Indian Exchange CoinDCX at $2.45 Billion Valuation
US crypto exchange Coinbase’s investment arm, Coinbase Ventures, has invested in Indian cryptocurrency platform CoinDCX. Although the amount of the investment wasn’t disclosed, CoinDCX CEO Sumit Gupta said that the valuation of the company stands at $2.45 billion post the deal.
The Indian exchange says it has more than 20 million customers in India and the United Arab Emirates. That presence was much larger after CoinDCX bought BitOasis, an in-country crypto exchange in the UAE, late in 2024.
CoinDCX said in a release announcing the deal that it generated around $141 million in annual revenue through July. The platform’s annual transaction volume for all products was $165 billion, with $1.2 billion in assets under custody.
The investment reflects increasing faith in India’s crypto space despite regulatory ambiguity in the region. Coinbase’s support may also enable CoinDCX to scale its business in India and the Middle East.
Analysts Still Forecast $10,000 Ethereum Price by End of the Year
Despite the recent weakness in the market impacting crypto prices today, two top analysts are holding onto their aggressive forecast: Ethereum price will reach $10,000 before the end of the year.
Tom Lee, head of BitMine, and Arthur Hayes, co-founder of BitMEX, both reiterated their prediction on the Bankless podcast this week. With less than three months left in the year, Ethereum would have to more than double its current price of approximately $4,000.
“For Ethereum, around $10,000 to $12,000,” Lee replied when queried about his end-of-year goal. Hayes further stated that he’s ‘going to remain consistent’ with his $10,000 forecast.
Lee explained that such a rally would not indicate out-of-control market euphoria. He noted that Ethereum has been consolidating in a range for roughly four years since hitting its all-time high of $4,878 back in 2021.
“Ethereum’s effectively been basing for four years now, just busted out of the range, so to me, it wouldn’t be a blow off top, but more looking for essentially price discovery at a new level,” Lee said.
Market Outlook
Crypto prices today are dipping, giving a buying opportunity for long-term investors. Although Bitcoin and Ethereum are weak in the short term, there remains strong institutional interest. The investment in Coinbase in CoinDCX indicates increasing confidence in crypto adoption, while bullish analyst forecasts indicate possible upside in the future.
FAQs
1. Why did Bitcoin and Ethereum prices decline today?
Prices of Bitcoin and Ethereum dropped as investors retreated from risk assets under global market turbulence. Weakness in broader markets, profit-taking, and restraint ahead of key economic announcements were behind the drop.
2. What was Paxos’ $300 trillion minting mistake?
Paxos inadvertently minted 300 trillion PayPal USD (PYUSD) stablecoins because of a technical glitch within the system. The tokens were promptly burned, and Paxos assured that no customer funds were compromised and that the problem was fixed.
3. Why is Coinbase investing in CoinDCX?
Coinbase Ventures’ investment in CoinDCX signals increased faith in India’s crypto market. With a valuation of $2.45 billion, CoinDCX looks to grow in India and the Middle East after it acquires BitOasis.
4. Are analysts bullish about Ethereum’s future price?
Yes. Although this recent plunge, experts such as Tom Lee and Arthur Hayes project Ethereum might be at $10,000 by the end of the year based on increased institutional adoption and Ethereum’s technical breakout following years of consolidation.
5. What should crypto investors look out for?
The recent market slump might be a short-term correction and not a trend change. Value opportunities for long-term investors are likely to be found, particularly since institutional investment and worldwide crypto adoption continue to be robust.