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The crypto market has taken a dip today, with the global market cap falling by 1.76% to $3.88 trillion. While Bitcoin is staying close to its recent highs, many altcoins are under heavy selling pressure. Here’s a breakdown of what’s causing the sudden crash. Altcoins are taking the biggest hit. Ethereum (ETH) is trading at $3,779.85, slipping 2.53% in the last day. XRP has dropped 4% in a day, even though it remains up over 10% for the week, currently priced at $3.12. Solana (SOL) and BNB are both down over 2.4% daily. Cardano (ADA), priced at $0.7878, is down 6.17% in 24 hours and has lost 10.81% over the week. Dogecoin (DOGE) has also taken a sharp hit, down 7.64% today. Similarly, Sui (SUI) has tumbled 8.30% today. Overall, the market’s red zone performance shows investor reaction, profit-taking after recent rallies, and pressure from ongoing regulatory uncertainties.  Reasons Behind The Recent Crash One of the reasons for the pullback may be the U.S. SEC’s decision to pause approval of new spot ETFs for altcoins. While Bitcoin and Ethereum ETFs have been given the green light, altcoin ETFs are still in limbo. Experts and traders had expected the altcoin ETF approval to come soon, hoping it would bring in fresh money and drive prices up. But now, with no clear timeline, investors are stepping back and choosing to wait, creating panic selling in altcoin markets. Additionally, many altcoins have doubled or even tripled in value over the past few months. Now that Bitcoin is consolidating near its $120,000 resistance level, traders are moving their profits from altcoins back into Bitcoin, which is seen as a “safer” asset. This rotation of money is pushing altcoin prices down even further.

Interactive Brokers is weighing the launch of its own stablecoin, potentially deepening its involvement in digital assets as US regulations surrounding the crypto industry begin to loosen. Founder Thomas Peterffy confirmed in an interview with Reuters that the firm is exploring the idea but has yet to finalize how the offering would be made available to customers. Interactive Brokers ranks among the world’s largest discount brokerages. It has a market value of roughly $110b. Additionally, its customer base has grown to nearly 3.9m. The move would put Interactive Brokers among a growing number of financial firms exploring blockchain-based tokens. This comes as stablecoins continue to gain traction as a smoother alternative to traditional cross-border payment systems. Interactive Brokers ($IBKR, mkt cap $111B) mulls launching its own stablecoin to enable 24/7 funding and crypto transfers for its ~3.9M clients per CEO, riding the tailwinds of newly loosened U.S. stablecoin regulations. pic.twitter.com/c5fKona9CM— matthew sigel, recovering CFA (@matthew_sigel) July 28, 2025 Interactive Brokers Eyes Real-Time Funding via Stablecoins Stablecoins are designed to mirror the value of assets like the US dollar, and enable instant, 24/7 transfers without relying on banking rails. Peterffy said the firm is working toward enabling real-time stablecoin funding for brokerage accounts. In addition, it plans to support transfers of commonly traded crypto assets. However, he also expressed hesitation, adding, “It’s basically hard to grasp its fundamental value. If we see people adopting it and ascribing a value to it, I’m okay with that, but I’m still not convinced.” One option under consideration is the use of third-party stablecoins issued by credible financial institutions to fund user accounts. Additionally, the company is evaluating how these external tokens could fit into its broader trading ecosystem. Interactive Brokers already supports crypto trading through a partnership with Paxos and holds a stake in crypto settlement platform Zero Hash. Its crypto offering includes major tokens such as Bitcoin, Ether, Litecoin and Bitcoin Cash. Earlier this year, the firm expanded that list to include Solana, Cardano, Ripple and Dogecoin. The firm’s digital expansion comes on the heels of a strong surge in trading activity. As of June, its customer account base had grown 32% year-on-year. Meanwhile, its stock has jumped 47% since January. By comparison, the S&P 500 Investment Banking and Brokerage Index rose about 20% during the same period. Interactive Brokers also introduced ForecastEx, a predictions market platform. It allows investors to take positions on yes-or-no outcomes of real-world events. Analysts at Morningstar, however, view this move differently. They see the firm’s expansion into prediction markets and crypto as a strategic hedge against potential disruption in its core equity and derivatives business. The potential stablecoin initiative comes just months after Robinhood unveiled its own dollar-pegged token, USDG, as part of the Global Dollar Network. That project was launched in collaboration with other crypto firms including Kraken and Galaxy Digital, and also relies on Paxos as the token issuer.