The recent instability in Bitcoin prior to the Halving event has raised concerns among analysts within the cryptocurrency sector. Alongside Bitcoin's plummeting value, other major cryptocurrencies are also facing similar challenges.

According to CoinPedia, Bitcoin has experienced a significant drop to $66,000, leading to substantial liquidations amounting to $157 million. This sudden decline has sent shockwaves across the Bitcoin network, affecting long orders primarily.

While Bitcoin is grappling with its losses, altcoins such as Ethereum and Solana have also suffered setbacks, with Ethereum declining by 6.71% and Solana by 9.32% in the past day. These declines have resulted in substantial losses for both cryptocurrencies.

Despite the struggles of traditional cryptocurrencies, there is a notable shift in liquidity towards meme coins, creating a peculiar surge in their market cap to $70 billion. This trend is driven by the increasing interest in tokens like "Dogwifhat" and "Book of Meme," along with the enduring popularity of classic memes such as Pepe and Bonk.

Moreover, amidst the market turmoil, Binance Labs has come under scrutiny for allegedly selling investment tokens during the market crash, with significant transfers reported to Binance Deposit. This has sparked speculation about the platform's activities behind the scenes.

As cryptocurrencies face volatility, the U.S. Federal Reserve remains steady, monitoring the situation closely. While the market anticipates changes in U.S. monetary policy due to the ongoing fluctuations in cryptocurrencies, the Fed maintains a cautious approach, carefully evaluating the data before making any decisions.