Crypto Markets Plunge with Bitcoin Briefly Below $90K Amidst Regulatory Scrutiny; Google Unveils Powerful Gemini 3 AI Model
Crypto Markets Plunge with Bitcoin Briefly Below $90K Amidst Regulatory Scrutiny; Google Unveils Powerful Gemini 3 AI Model
The cryptocurrency market experienced a sharp downturn, with Bitcoin briefly dipping below the $90,000 mark, wiping out its year-to-date gains. Major altcoins like Ethereum, BNB, and Solana also saw significant losses, though ICP bucked the trend with a notable surge. Amidst this volatility, institutional interest in the crypto space continues with the CBOE unveiling long-term Bitcoin and Ethereum futures. Regulatory changes are also on the horizon, with Japan easing its crypto tax rules, while the White House considers increased IRS tracking for foreign crypto holdings. Separately, Google launched its advanced AI model, Gemini 3 Pro, showcasing enhanced reasoning and multimodal capabilities.
Crypto Market Bloodbath: Bitcoin Below $90K, Altcoins Follow Suit
The crypto market witnessed a substantial sell-off, with Bitcoin (BTC) plummeting below $90,000, registering a 4% loss to trade around $91,300, and erasing its year-to-date gains. Ethereum (ETH) followed suit, dropping 5% to $3,050, while BNB was down 2% at $915, and Solana (SOL) fell 3% to $137. Market sentiment, as reflected by the Crypto Fear & Greed Index, remained in "extreme fear" for the sixth consecutive day. In contrast to the broader market, Internet Computer (ICP) showed resilience, gaining 9%.
Institutional & Regulatory Landscape Shifts
Despite the market downturn, institutional adoption signals continue to emerge, with the CBOE announcing "continuous" Bitcoin and Ethereum futures with 10-year terms, offering a new long-term derivative option. On the regulatory front, Japan is moving to lighten its crypto tax burden, reducing capital gains tax from 55% to 20%. Conversely, the White House is exploring proposals that would empower the IRS to track and tax crypto holdings on foreign exchanges, potentially increasing oversight for U.S. investors. Vitalik Buterin and the Ethereum Foundation are also advancing core development with the launch of Kohaku, an initiative aimed at integrating privacy and security directly into Ethereum wallets.
Google Unveils Gemini 3 Pro AI Model
In other tech news, Google introduced its latest and most powerful AI model, Gemini 3 Pro. This new iteration boasts superior performance across reasoning and multimodal benchmarks and is currently accessible through AI Studio.