The Cardano-based NIGHT token has experienced a significant decline, plummeting 22% as the broader cryptocurrency market faces ongoing challenges. This downturn is part of a larger trend, with Bitcoin also falling below the $88,000 mark, unable to sustain levels above $90,000. Market analysis indicates that trading volume in Bitcoin leveraged products remains subdued, while open interest in SOL futures has seen an increase. Additionally, recent data highlights a troubling trend for 2025 token launches, with 85% of these tokens trading below their issuance price and a median fully diluted valuation (FDV) decline of 71%.