Bitcoin dropped 3.5% to $104,246.94, nearing its October low of $103,600, as major altcoins like Ethereum and Solana also saw declines. In contrast, privacy coins such as Zcash, Decred, and DASH surged by up to 200% amid market volatility. The downturn is attributed to hawkish comments from Fed Chair Jerome Powell, a strong dollar, and selling pressure from long-term investors. Additionally, Stream Finance's stablecoin xUSD plummeted 80% to 30 cents following a fund manager error, resulting in a $93 million loss. This incident further contributed to the market's instability.