Bitcoin (BTC) dipped to its lowest level since November as its post-election rally lost steam. BTC fell to an intraday low of $91,314 before recovering to its current level of $93,311. The drop comes after the flagship currency surged to record highs in December, creating history by surging past the $100,000 mark and setting a new all-time high of $108,268. BTC is down almost 2% over the past 24 hours. The crypto market remains in the red for the fourth day running, with major altcoins registering substantial declines. Ethereum (ETH) is down by 2.37% and has lost the $3,300 level, with sellers looking to drive it to $3,000. Meanwhile, Solana (SOL) is down almost 3% and trading below $190. Ripple (XRP), Dogecoin (DOGE) , Tron (TRX), Chainlink (LINK) , and Polkadot (DOT) also registered a substantial decline. The crypto market cap dropped a further 1.57% and is currently at $3.26 trillion. Bitcoin (BTC) Drops To Lowest Level Since November Bitcoin (BTC) hit an intraday low of $91,298 on Thursday, its lowest level since November, as its latest rally lost steam. BTC created history following Donald Trump's election victory, breaking the $100,000 barrier and eclipsing $108,000 to set a new all-time high. Trump is viewed as crypto-friendly after promising to rein in the Securities and Exchange Commission, which under President Joe Biden, put the crypto industry under intense scrutiny. Trump has nominated Paul Atkins as the next SEC Chair and is committed to fostering a crypto-friendly environment. He has also created a new role in the White House for a “crypto czar” to oversee Bitcoin policy. However, Anthony Scaramucci, a crypto investor who worked in Trump’s first administration, warned that investors must not expect immediate changes from the new Trump administration. “I would just caution people, if you think on Jan. 20 a switch is going to flip and everything's going to be better and roses for bitcoin and the digital asset community, it's just not how Washington works.” Is It Time To Sell? Bitcoin (BTC) and other altcoins have dropped sharply this week as markets slipped into the red. Market nervousness has increased further after billionaire Elon Musk issued an unexpected Bitcoin price warning. Legendary crypto investor Arthur Hayes has also predicted that BTC and the crypto market could crash in late March. Hayes wrote in a blog post, “Right on schedule, just like almost every other year, it will be time to sell in the late stages of the first quarter ... and wait for positive fiat liquidity conditions to re-emerge in the third quarter.” The crypto market, including Bitcoin, rallies when dollar liquidity rises and retreats when it falls. Hayes had predicted that BTC’s price would collapse around the time of Trump’s inauguration. “I still believe that is a potential negative factor that could weigh upon the market in the short term, but against that, I must balance the dollar liquidity impulse. Bitcoin, for now, jukes and jives as the pace of dollar emissions changes.” Ripple (XRP) On The Verge Of Significant Push Ripple (XRP) looks set for an imminent push above $2.90 despite facing declines in recent sessions. XRP had been consolidating around $2.50 before facing a substantial decline and dropping to its current level. However, key metrics suggest a bullish outlook for the asset, and investors are optimistic about the price prospects of the cryptocurrency. XRP’s fear and greed index has also registered a notable increase, indicating growing confidence among market participants. Additionally, XRP’s RSI is showing bullish momentum and the MACD is also displaying a positive crossover. US Can Sell $6.5B Silk Road Bitcoin Before Trump Takes Office The US government has got the green light to liquidate 69,370 BTC seized from the Silk Road marketplace. The US Department of Justice sought expedited permission to sell the Bitcoin, citing high price volatility to avoid delays. DOJ officials confirmed the seized BTC, worth a staggering $6.5 billion, will be sold despite an incoming administration that had promised to retain the seized BTC. The decision could significantly affect the Bitcoin price and broader market sentiment. BTC has been trading between $90,000 and $100,000 in recent weeks. If large sell orders emerge, traders will watch for potential impacts on liquidity and volatility. The DOJ has not disclosed the sale mechanism but has confirmed it will proceed with the sale. Standard Chartered Launches Crypto Services In Europe Standard Chartered is introducing cryptocurrency services in Europe after securing a digital asset license in Luxembourg. The bank had announced it is establishing a new entity in Luxembourg to act as its European Union regulatory entry point, allowing it to offer crypto and digital asset custody in Europe. The move comes after the EU implemented the Markets in Crypto-Assets (MiCA) Regulation. Standard Chartered’s crypto offering will initially be limited to Bitcoin (BTC) and Ethereum (ETH). According to the bank’s head of digital assets, Waqar Chaudry, more assets will be added later in the year. Additionally, Standard Chartered’s crypto products in the EU will exclusively feature crypto custody. “We are not offering trading through Luxembourg; there is no clear timeline as that is not planned for the moment.” The launch is part of Standard Chartered’s strategy to expand its crypto custody offerings. The launch comes a few months after the bank launched crypto custody services in the United Arab Emirates (UAE). Margaret Harwood-Jones, Standard Chartered’s Global Head of Financing, stated, “We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance. We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) is attempting a recovery during the ongoing session after plummeting below $100,000 this week as it looks to reverse selling pressure that dragged the price to a low of $91,298 on Thursday. BTC’s recent price fluctuations were attributed to stronger-than-expected economic data. The numbers led to profit-taking among investors and contributed to a shift in market sentiment, according to Shivam Thakral, CEO of BuyUcoin. “The recent price fluctuations have been attributed to stronger-than-expected US economic data, prompting profit-taking among investors and contributing to a shift in market sentiment. While the outlook remains bearish, many investors are optimistic about Bitcoin’s long-term prospects, suggesting the markets may stabilize and recover soon.” BTC was bullish the previous week, rebounding after dropping to an intraday low of $91,844 on Tuesday. With bullish sentiment prevailing, BTC pushed above the 50-day SMA on Thursday after registering an increase of 2.59%. Friday saw markets experience volatility as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a rise of just over 1% to go above the 20-day SMA and settle at $97,878. Buyers retained control over the weekend as BTC registered marginal increases on Saturday and Sunday to settle at $98,309. Source: TradingView BTC surged past $100,000 on Monday, registering an increase of 3.99% and moving to $102,228. However, sentiment changed on Tuesday after stronger-than-expected economic numbers. As a result, BTC dropped over 5% to go below the 50-day SMA and $100,000 to settle at $97,019. BTC continued to fall on Wednesday as sellers drove the price below the 20-day SMA to an intraday low of $92,456. However, the price recovered from this level to settle at $95,121, ultimately registering a decline of almost 2%. Markets remained bearish on Thursday, as BTC dropped to $91,298 before settling at $92,710. The current session sees BTC up by 1.44% as buyers look to push it above $95,000 and reclaim lost ground. Ethereum (ETH) Price Analysis Ethereum (ETH) dipped to a low of $3,161 on Thursday before recovering during the current session as it looks to reclaim the $3,300 level. ETH was bullish towards the end of last week as bullish sentiment began picking up on Wednesday when it registered an increase of 0.69% and moved to $3,356. ETH continued to push higher on Thursday, registering an increase of almost 3% and settling at $3,452. Bullish sentiment increased substantially on Friday as ETH surged past $3,500 and the 20 and 50-day SMAs to $3,607. Buyers maintained control on Saturday as ETH rose to $3,657 but lost momentum on Sunday as ETH registered a drop of 0.61% to end the weekend in the red. Source: TradingView The current week began with ETH rising 1.46% to $3,687. However, market sentiment changed on Tuesday, and ETH plummeted over 8% to slip below the 20 and 50-day SMAs and $3,500 to settle at $3,381. Sellers dragged ETH to an intraday low of $3,217 on Wednesday. However, it recovered from this level to settle at $3,327. With bearish sentiment persisting on Thursday, ETH slipped below $3,300 again as it dropped to $3,220, declining over 3%. However, the current session sees ETH up by 1.49% as it looks to reclaim the $3,300 level. Solana (SOL) Price Analysis Solana (SOL) is up almost 3% during the ongoing session as markets recover after a bruising few days that saw prices decline substantially. After registering a substantial increase last week, SOL lost momentum at $220, thanks to the 50-day SMA coming into play as a dynamic resistance level. SOL surged past the 20-day SMA and $200 on Thursday after registering an increase of over 7% and settling at $208. Buyers retained control on Friday, pushing SOL up almost 5% to $217. However, it lost momentum over the weekend, dropping 0.56% on Saturday and 1.52% on Sunday to settle at $213. Source: TradingView SOL started the current week with an increase of 2.30% as it moved to $218. However, it could not go over the 20-day SMA as market sentiment flipped on Tuesday. As a result, SOL dropped over 7% and fell to $202. Bearish pressure persisted on Wednesday as SOL dropped to an intraday low of $188, briefly going below the 20-day SMA before recovering to settle at $!97, a drop of 2.30%. Sellers dragged SOL below the 20-day SMA on Thursday, falling over 6% to $185. However, the current session sees SOL up almost 3% as it looks to reclaim $200. Ripple (XRP) Price Analysis Ripple (XRP) witnessed a substantial increase in value between November and mid-December, as it surged to a recent high of $2.83. Many expect XRP to continue its upward trajectory thanks to legal successes and growing interest in blockchain solutions. Gary Gensler’s impending resignation has also boosted sentiment around the asset. XRP was quite bullish last week but has lost momentum this week after failing to go beyond key resistance levels. The price went above the 20-day SMA on Wednesday, registering an increase of almost 12% and moving to $2.32. Buyers retained control on Thursday and Friday as XRP rose by 3.03% and 2.21% to settle at $2.45. However, it lost momentum over the weekend, dropping 1.35% on Saturday and almost 1% on Sunday to settle at $2.39. The current week began with XRP registering an increase of 0.42% and moving to $2.42. However, with markets turning bearish on Tuesday, XRP fell over 6% to $2.27. Source: TradingView The price recovered on Wednesday, thanks to the 20-day SMA acting as a dynamic support level, and rose 4.48% to $2.37. However, it was back in the red on Thursday, dropping just over 4% to $2.27. The current session sees XRP up almost 2% as buyers look to retest the resistance around $2.40. Tron (TRX) Price Analysis Tron (TRX) has lost momentum in recent sessions, declining significantly over the past few sessions and slipping below key support levels and moving averages. TRX climbed above the 20-day SMA on Thursday, rising over 4% and settling at $0.265. Buyers retained control on Friday as TRX rose almost 2% and settled at $0.269. However, with sellers active around $0.270, TRX could only register a marginal increase on Saturday before dropping 2.43% to $0.263 on Sunday. Source: TradingView The price recovered on Monday as TRX registered an increase of just over 2% and settled at $0.268. Despite starting the week on a positive note, TRX registered a substantial drop on Tuesday, falling nearly 6% to slip below the 20 and 50-day SMAs and settling at $0.253. TRX registered a marginal drop on Wednesday before dropping 4.50% on Thursday and settling at $0.239. The current session sees TRX up almost 2% and trading around $0.243. Hedera (HBAR) Price Analysis Hedera (HBAR) registered a substantial increase on Friday, rising over 7% to $0.314. However, it lost momentum over the weekend, dropping almost 3% on Saturday and 1.18% on Sunday to settle at $0.301. Buyers returned on Monday as HBAR registered an increase of nearly 2% and settled at $0.307. The price surged to an intraday high of $0.330 on Tuesday as HBAR set its sights on $0.35. However, markets turned bearish, and HBAR dropped over 6% to settle at $0.288. Source: TradingView HBAR remained in the red on Wednesday as it slipped below the 20-day SMA, falling to a low of $0.266 before settling at $0.285. Sellers retained control on Thursday, with HBAR dropping 5.59% to $0.269, settling just above the 50-day SMA. The current session sees HBAR up by 4.50% as it looks to build momentum and go above the 20-day SMA. Ethena (ENA) Price Analysis Ethena (ENA) has substantially declined this week after dropping from a high of $1.31. The altcoin registered a significant jump of over 17% on Friday as it surged past the 20-day SMA and settled at $1.21. It encountered considerable volatility over the weekend as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as ENA registered an increase of 1.74% and settled at $1.23. ENA continued to push higher on Sunday, rising over 2% to $1.26 and ending the weekend positively. Source: TradingView However, ENA lost momentum on Monday, dropping over 7% to $1.17. Selling pressure intensified on Tuesday as ENA fell almost 12% to go below the 20-day SMA and settle at $1.03. The price slipped below $1 on Wednesday, falling to an intraday low of $0.90 before recovering and settling at $0.976. ENA slipped below the 50-day SMA on Thursday after a drop of almost 8% and settled at $0.901. The current session sees the price up over 4% as ENA attempts to go above the 50-day SMA and reclaim $1. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
