KuCoin was used to launder billions in proceeds from darknet markets, malware, ransomware and fraud schemes, U.S. Attorney Danielle R. Sassoon said in a statement.

The new Treasury Department chief didn’t bring up crypto policy at his nomination hearing, but he’ll have enormous reach into topics vital to the industry.

Much of the concern draws from a possible overvaluation in U.S. tech companies as DeepSeek’s latest AI model is significantly cheaper to produce and was built using open-source technology that is easy to access.

Crypto investors have high hopes for the incoming administration, including potential digital asset-focused executive orders that could add fuel to the rally.

Senator Cynthia Lummis, set to lead the Senate Banking Committee’s digital assets panel, went after the sale of U.S. bitcoin holdings and FDIC debanking.

The selloff in stocks and cryptocurrencies could mean Donald Trump’s inauguration will less likely be a sell the news event, K33 Research said.

The difference in outlook between traders and high net-worth individuals has never been greater, according to David Siemer, CEO of Wave Digital Assets.

The native token of the XRP Ledger rose more than 2% on Wednesday while most of the rest of the crypto sector saw steep losses.

Mining stocks including WULF, BTDR, IREN and HUT dropped over 5%, while BTC holder medical devices firm Semler Scientific plunged 10%.

“History shows these dips often pave the way for bigger bullish movements, especially with where we are in the market cycle now,” one market watcher said, as some foresee a shaky period in January.