Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop
Cardano-based NIGHT token plummeted 22%, leading a risk-off day where Bitcoin fell below $88,000, and only 15% of 2025 tokens remain above their launch price.Summary
The crypto market experienced a risk-off day, highlighted by the Cardano-based Midnight Network's governance token, NIGHT, dropping 22%, making it the worst performer among the top 100 tokens. Bitcoin slipped below $88,000 after failing to hold $90,000, with potential volatility expected around the U.S. GDP release. Other tokens like PUMP, MNT, XMR, and ZEC also saw declines. Derivatives positioning showed unchanged BTC futures open interest globally, suggesting low leveraged market participation, though SOL futures OI increased. Put skews strengthened for BTC and ETH options, indicating bearish positioning looking past December, with the $80,000 put being popular for January expiry. Furthermore, an analysis of 118 tokens launched in 2025 revealed that only 15% are trading above their initial valuations, with infrastructure and AI-linked tokens generally underperforming significantly.
(Source：CoinDesk)