Dogecoin and Other Meme Coins Are Bearing Brunt of Crypto Market Sell-Off

Bitcoin and Ethereum prices dropped due to escalating tensions between Israel and Iran, causing a massive risk-off move in cryptocurrency markets. The selloff wiped out over $420 billion from the total crypto market cap and triggered $1.2 billion in leveraged liquidations.

Roman Storm, co-founder of Tornado Cash, faces DOJ charges for money laundering and operating an unlicensed money transmitter business. Storm believes a conviction could destroy decentralized finance, arguing against holding developers accountable for users' actions.

Jamie Selway, a crypto-native, has been appointed as the new chief of the SEC's trading and markets division. With experience at Blockchain.com and the Coinbase-owned Skew, Selway aims to promote innovation in line with the SEC's mission. The SEC also named Brian T. Daly to lead the division of investment management.

SharpLink Gaming acquired $462 million worth of Ethereum, making it the largest public firm holder. The company purchased 176,000 ETH at an average price of $2,600 per coin, with most holdings deployed in staking solutions for yield generation.

U.S.-listed Bitcoin miners had a successful first quarter in 2025, with record revenue and profits. MARA Holdings led in Bitcoin mining, while IREN earned the most gross profit with the lowest cash cost per coin. The companies spent $1.8 billion on power, and JP Morgan has positive ratings for CleanSpark, IREN, and Riot Platforms.

Israeli airstrikes on Iranian nuclear facilities caused global market instability, prompting investors to seek safety in gold while Bitcoin prices fell. Altcoins like Ethereum, XRP, and Solana faced over $1 billion in liquidations as traditional safe havens attracted flight-to-safety flows.

BlackRock COO Rob Goldstein highlighted the firm's interest in crypto since 2017, emphasizing the potential of stablecoins and the need for innovative financial solutions. He mentioned IBIT as a successful bridge strategy for bitcoin exposure, underscoring the early stages of the crypto game.

The Fed faces pressure to cut interest rates, but with a 97% implied probability to pause, they are likely to wait for more economic data before making a decision. Concerns about tariffs impacting inflation further complicate the situation.

Over a dozen Gensler-era crypto rule proposals were withdrawn by the SEC, including the qualified custody rule that could have limited institutional access to crypto. Critics raised concerns about the potential impact on developers, DeFi, and crypto chat groups.