The cryptocurrency market was weak on December 23, 2025, with Bitcoin falling to $87,975 and major Altcoin showing mixed performance. Although trading volume increased somewhat, large-scale liquidation of long positions and policy risks were impacting investor sentiment.
Bitcoin traded at $87,975.23, down 0.58% on the day; Ethereum traded at $2,975.08, down 0.56%. Among major Altcoin, Ripple (-0.76%), Solana (-0.68%), and Tron (-1.30%) declined; Dogecoin (+1.16%), Cardano (+0.92%), and BNB (+0.23%) rose. The total market capitalization was $2.98 trillion, with Bitcoin and Ethereum's share slightly decreasing to 58.98% and 12.06%, respectively.
The total trading volume in the past 24 hours was $99.5 billion, with DeFi (-29.17%) and stablecoins (-51.60%) experiencing sharp drops in trading volume, while derivatives trading volume surged 79.54% to $1.155 trillion, indicating increased short-term volatility.
During the same period, the total liquidation of leveraged positions reached $78 million, of which approximately 86% were long positions. Hyperliquid ($24.63 million) accounted for 31.44% of the total liquidation, while Bitcoin ($10.74 million), Ethereum ($73.95 million), Solana ($9.23 million), and major cryptocurrencies such as DOGE and Ripple all experienced large-scale long liquidations.
On the policy front, the White House's announcement that the SEC and CFTC are forming a "dream team" to regulate cryptocurrencies has attracted attention. The US Congress has begun preparing to submit the "Cryptocurrency Market Structure Act" to President Trump, and has also released a draft bill on tax incentives for cryptocurrency investments, boosting expectations for institutional participation. BlackRock has listed the Bitcoin ETF "IBIT" as its top investment theme of the year, and Trump Media Corporation increased its holdings by 450 BTC, bringing its total holdings to 11,542 BTC.
Tech news includes Coinbase's acquisition of a prediction market startup, a massive sell-off of ETH by Ethereum whale, and Sky Protocol's token buyback program.
In the South Korean market, there were no significant differences compared to the global market, and the premium for kimchi remained in the neutral range.
