El Salvador announced its largest single-day Bitcoin purchase, acquiring 1,090 BTC worth $100 million. However, questions remain about compliance with its IMF agreement prohibiting new Bitcoin acquisitions.

Coinbase has launched a public token sales platform, marking a strategic shift in its operations. This follows its $375 million acquisition of Echo, a platform founded by crypto trader Jordan 'Cobie' Fish. The move aligns with evolving U.S. regulatory clarity on ICOs, providing new opportunities for U.S. retail users.

The White House is considering a proposal to allow the IRS access to Americans' offshore cryptocurrency accounts. This move aligns with the global Crypto Asset Reporting Framework (CARF), which aims to enhance tax compliance and is set for global implementation by 2027.

Ethereum's price has dropped below $3,000 after failing to hold above $3,150, continuing its downward trend. The cryptocurrency is trading under $3,100 and the 100-hourly SMA, with further declines possible if it stays below key resistance levels. Resistance is seen at $3,050 and $3,150, while support lies near $2,950 and $2,880.

The Bitcoin Stablecoin Supply Ratio (SSR) has entered the buy zone, according to CryptoQuant analyst Maartunn. Historical data shows this signal often coincides with market bottoms or price increases, though outcomes can vary. Recent data also highlights a sharp decline in SSR RSI and dormant Bitcoin movements, suggesting potential market shifts.

The memecoin market has seen a downturn, with its market cap falling to $52.05 billion and daily trading volume at $5.45 billion. Top 10 memecoins recorded weekly losses ranging from 9.9% to 30%, raising concerns about the sector's future. Factors such as reduced trading volumes and increased sell pressure have contributed to this decline.

Grab and StraitsX have joined forces to integrate stablecoin payments into the Grab App, aiming to streamline cross-border transactions. The collaboration introduces a Web3 wallet and supports stablecoins like XSGD and XUSD, enhancing payment solutions for merchants in Asia.

The cryptocurrency market is undergoing a major correction, with Bitcoin, Ethereum, and XRP experiencing sharp declines. Over the past 41 days, the market has lost more than $1.1 trillion, averaging $27 billion in daily losses. Analysts attribute the downturn to structural and psychological factors rather than weak fundamentals.