Why Crypto Is Down Today, Dec 11, 2025: [Live] Market Updates & Key Reasons

SpaceX executed another large on-chain Bitcoin transfer worth nearly $95 million, adding to a month of unusually active corporate wallet movements. The transfer coincides with the NYSE debut of Twenty One Capital (XXI), a new Bitcoin-treasury company holding over 43,500 BTC. Bitcoin saw a brief rebound on XXI’s listing before slipping again alongside broader risk assets. Meanwhile, a major bank slashed its 2026 BTC forecast, warning that slowing ETF flows may not offset weakening corporate demand.

Terraform Labs founder Do Kwon is now facing U.S. sentencing for misleading investors during the Terra/LUNA collapse, one of the most damaging events in crypto history. The crash wiped out billions in market value and triggered global regulatory pressure on stablecoins and token issuers. The sentencing marks a major turning point in the legal fallout from Terra’s failure, setting a precedent for future cases involving investor deception and systemic risks in crypto markets.

Bitcoin fell under the $90,000 mark after the Federal Reserve delivered a widely expected rate cut, triggering traders to reassess future liquidity conditions. While U.S. stocks rallied on the news, crypto markets reacted cautiously, with major indices slipping and high-beta sectors like AI and DePIN tokens seeing sharp selling. Altcoins such as XRP also dipped as traders rotated profits out of Bitcoin. The downturn underscores growing uncertainty about how the Fed’s guidance will impact digital assets.