In the wake of a rather unfortunate attempt to ascend beyond the lofty heights of $98k last week, the esteemed Bitcoin, that most illustrious of cryptocurrencies, has found itself in a rather precarious position. As of this moment, it languishes at a rather disheartening $91,711, with a volatility of 4.7% and a market cap that has seen better days at $1.81 trillion. The trading volume, too, has not been particularly encouraging, resting at a mere $49.73 billion.
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On the fateful Monday in question, our dear Bitcoin slipped beneath the critical support level of $95.5k, edging ever closer to the dismal confines of a horizontal range around $92k. In the span of the last 24 hours, it has suffered a decline exceeding 3 percent, now trading at approximately $92.7k. Alas, the wider altcoin industry, led by the ever-volatile Ethereum, has followed suit in this bearish sentiment, with Ripple Labs’ XRP also feeling the pinch.
According to the latest market data, the total crypto market cap has plummeted over 6 percent, hovering around $3.1 trillion, which has, rather dramatically, triggered net forced liquidations exceeding $730 million. One cannot help but wonder if the crypto gods are in a particularly mischievous mood. 😏
Meanwhile, the astute crypto analyst, Mr. Ali Martinez, has opined that Bitcoin must cling to the support level of $92k with all its might, lest it tumble into the abyss towards $75k in the weeks to come. A rather dire forecast, indeed!
Top Reasons Why Bitcoin Price Dropped Today
It appears that Bitcoin’s woes can be traced back to the inauguration of the rather controversial US President Donald Trump, whose mid-last month arrival has ushered in a wave of bearish sentiment. The ongoing tariff trade wars have cast a pall of uncertainty over the global markets, leading to a significant decline in cash inflows to Bitcoin and its related products, particularly those US spot BTC ETFs.
Market data from Glassnode reveals a rather alarming drop in net capital inflows to the crypto market, plummeting from $52 billion to a mere $26.5 billion in the past ten days. As noted by Coinspeaker, the US spot BTC ETFs have recorded a second consecutive weekly cash outflow of approximately $559 million, thus further dampening any flicker of bullish sentiment.
Moreover, the recent spate of crypto hacks, particularly those involving the notorious Bybit exchange, has done little to bolster confidence in the Web3 space among institutional investors. Despite the ostensibly favorable regulatory environment in the United States, the specter of further sophisticated hacks looms large, casting a shadow over the security of blockchain technology.
El Salvador Leads in Buying Dip
In a rather bold move, El Salvador, having paused its daily Bitcoin purchases for a brief interlude, has finalized a strategic acquisition of 8 BTC, valued at approximately $750k, late on Monday. This brings El Salvador’s total holdings to a staggering 6,088 BTC, worth around $564 million at this very moment.
President Nayib Bukele, with a rather cavalier attitude towards the short-term bearish volatility, has dismissed the concerns of investors who remain unconvinced of Bitcoin’s long-term prospects. He has joined forces with Strategy (NASDAQ: MSTR) in the pursuit of Bitcoin, undeterred by the current market outlook.
As previously reported by Coinspeaker, Strategy has procured a remarkable 20,356 BTC over the past few days, amounting to a princely sum of about $2 billion from recently finalized convertible senior notes. One can only admire their audacity! 😄
O ye of little faith…
— Nayib Bukele (@nayibbukele) February 24, 2025
El Salvador remains steadfast in its belief that other nations, particularly the United States, will eventually embrace Bitcoin as a strategic asset reserve. In a world where many nations grapple with high debt-to-GDP ratios, and gold has proven less than adequate as a hedge against global inflation, one can only hope that Bitcoin will rise to the occasion. 🍀
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2025-02-25 03:47