Bitcoin and Ether experienced a sharp decline, each dropping 8% as a result of a significant market sell-off. This downturn led to nearly $2 billion in liquidations, impacting traders and investors across the cryptocurrency market. The sudden price drop highlights the volatility and risk inherent in digital asset trading. In other news, Kalshi, a prediction market platform, successfully closed a $1 billion funding round, achieving a valuation of $11 billion. This substantial investment underscores the growing interest and confidence in prediction markets within the financial sector. Meanwhile, crypto advocacy groups have petitioned President Trump to leverage executive powers for swift regulatory changes that could benefit the cryptocurrency industry. These groups are seeking "quick wins" to enhance the regulatory environment for digital assets.