ZEC plunged over 21% to $360 after losing key support at $440, triggering more than $6M in long liquidations and a surge in short positions.
Bitcoin dropped to $85,000 amid BOJ rate hike fears, wiping out over $656 million in long liquidations and intensifying bearish technical signals.
Sony, Ripple, HashKey, and Tokenize Xchange each made headlines ranging from stablecoin plans and regulatory approvals to IPO progress and a $60.5 million lawsuit.
The crypto market faced major developments today as ZEC crashed over 21% and Bitcoin slid to $85,000 amid global macro pressures. While liquidations surged across major assets, industry developments from Sony’s stablecoin plans to Ripple’s expanded Singapore license and HashKey’s IPO progress reshaped the broader landscape.
Zcash (ZEC) dropped by more than 21% to $360.35, breaking the key support level of $440, resulting in more than $6 million of long liquidations across all platforms.
The decline in value was a result of decreasing trading volume over the past week and weakening bullish momentum, proving the earlier rally above $700 not to be sustainable.
The sell-off intensified after Ethereum co-founder Vitalik Buterin warned against token-based governance models. Many traders viewed his comments as a warning against the structure of the ZEC ecosystem.
The derivatives data also reflects this increase in bearishness, with open interest dropping below $500 million and the shorts increasing from 30% to over 45%.
Also Read: Vitalik Buterin Warns Token Voting Could Weaken Zcash Privacy and Long-Term Governance
Bitcoin (BTC) dipped 5.5% to $85,500 in early Asian trading hours, its lowest level in weeks. The drop came amid rising expectations that the Bank of Japan may raise interest rates in its Dec 18-19 meeting.
The correction erased liquidity pockets around $86,000 and triggered over $656 million in long liquidations, including $188.5 million from BTC and $139.6 million from ETH.
Across the entire crypto market, more than $641 million in long and short positions were liquidated within hours.
Analysts warn that Bitcoin’s breakdown invalidated its bear-flag support around $90,300, setting a technical target of $67,700, which aligns with historical support zones.
According to reports, Sony Bank is preparing to launch a stablecoin pegged to US Dollars in 2026. The proposed stablecoin will be designed to support payments on platforms such as PlayStation, anime, and other parts of the Sony Group digital business.
The target for the stablecoin is US consumers who make up about 30% of the total revenue for Sony Group.
The Bank applied for a US banking license, partnering with Bastion, a regulated stablecoin issuer backed by Coinbase Ventures.
BlockBloom is the Web3 subsidiary of Sony that will provide oversight for the Ecosystem integration, such as NFT wallet creation, crypto-storage, and blockchain-enabled fan experiences.
Ripple received approval from the Monetary Authority of Singapore (MAS) to expand its Major Payments Institution license as of December 1.
The expanded scope of the licence will permit Ripple to offer services such as Digital Payment Token (DPT) Service, Cross-Border Transfers, Domestic Remittances, and Integrated DPT Payout Rails.
Ripple plans to utilise this growth to support the institutional clients by processing APAC transactions via either XRP or RLUSD stablecoin within minutes.
Singapore is Ripple’s engineering and compliance hub for Asia, where on-chain activities have increased 70% YoY. Following the announcement, XRP has ranged between $2.05 and $2.20.
Also Read: Could Long-Term Accumulation Offset Downside Risks in XRP’s Price Structure?
HashKey Holdings, operator of Hong Kong’s leading licensed crypto exchange, has cleared the Hong Kong Stock Exchange listing hearing, a significant milestone in its bid to go public.
The firm manages over HK$20 billion ($2.56 billion) in assets and handles more than 75% of onshore digital asset trading volume.
Despite its dominance, HashKey remains unprofitable, recording a HK$506 million loss in the first half of 2025, an improvement from HK$777 million a year earlier.
JPMorgan, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors.
Over 270 former users of Tokenize Xchange have filed lawsuits in order to demand $60.5 million from its founder, Hong Qi Yu, and his wife for damages.
Plaintiffs alleged that fraudulently misappropriated customer assets occurred when the Tokenize Xchange was closed as a result of the Monetary Authority of Singapore rejecting their license request in July 2025.
The platform, once a popular regional crypto exchange, is now under legal and financial scrutiny.