Why is Rain down today?

No Rain-specific news is driving today's 12.3% drop. The move tracks a broad crypto selloff, amplified by altcoin beta: Bitcoin is down 2.7% to $81,063 after dipping as low as $80,154, and RAIN's fall is roughly four times that.

The trigger was macro. September CPI came in at 3.7%, above forecasts, pushing Treasury yields higher and putting a Fed hike back on the table, which dragged crypto down alongside equities. A global stock rout compounded it, with Korea's KOSPI closing 7.5% lower on Thursday and spilling into crypto. Leverage did the rest: $942.1 million in positions were liquidated over 24 hours, with longs accounting for $863.3 million, or 91.6% of the total, including $485 million as Bitcoin broke below $81,000.

Sentiment is also strained by the hardware wallet scare — Ledger has asked resellers in seven Asian markets to pull devices after an $86–93 million drain tied to tampered units from Malaysian distributor CryptoBilis, with Trezor and MediaMarkt Saturn also cutting distribution.