Bitcoin’s ascent as a state reserve asset raises questions about its original intent, but many believe this evolution is a natural progression for the cryptocurrency. Increasing governmental interest in Bitcoin
Bitcoin’s growing popularity as a state reserve asset does not contradict its original mission, though Satoshi Nakamoto unlikely had such an intention.
With Bitcoin reaching November 2024 levels, Ethereum is also following a bearish path. After a downfall of more…
Bitcoin (BTC) has broken out of its recent trading range, dropping below $90,000 for the first time in a month, according to a market update from QCP Capital. Bitcoin Drops Below $90K Amid Market Uncertainty, QCP Warns of Cautious Outlook The flagship cryptocurrency is currently trading just below this level, with market sentiment remaining subdued by broader macroeconomic factors. Trump Tariffs and Corporate Demand Concerns QCP Capital attributes some of Bitcoin’s recent weakness to US President Donald Trump’s new trade policies: Customs duties to Canada and Mexico Restrictions on Chinese investments in the US These measures have increased economic uncertainty, leading to cautious trading in risky assets, including cryptocurrencies. Additionally, QCP notes that recent Bitcoin demand has largely been driven by institutions, particularly firms like Strategy, which finance their BTC purchases through equity-linked bond issuances. However, the firm warns that this funding source may be approaching saturation, potentially limiting further institutional demand. Cautious Outlook for BTC With BTC struggling to maintain key support levels and institutional buying momentum likely slowing, QCP remains cautious about Bitcoin’s short-term outlook. The next few days could be critical in determining whether Bitcoin breaks above $90,000 or continues its downward trend. *This is not investment advice. Continue Reading: Bitcoin Drops Below $90,000! QCP Capital Analysts Warn! Here Are the Details
Bitcoin maxi Samson Mow reacts to Bitcoin crashing way below $90,000
TL;DR The SEC acknowledged Grayscale’s application to introduce a spot ADA ETF in America. The asset manager also seeks to convert its XRP Trust into an ETF, with similar filings pushing the approval odds to 74% before the end of 2025. The Chances Are Rising Over the past few months, there has been a bunch of companies displaying their intentions to launch spot crypto exchange-traded funds (ETFs) in the United States. Among the most active entities in this field is the world’s largest digital asset manager – Grayscale . The organization officially filed for a Cardano (ADA) exchange-traded fund with the New York Stock Exchange on February 10. Several hours ago, the SEC acknowledged Grayscale’s application. The move marks the beginning of the regulatory review process, which usually lasts 240 days. The SEC’s acknowledgment has increased the chances of the product seeing the light of day before the end of 2025. According to Polymarket, the odds have risen from 52% on February 24 to 66% as of now . A potential green light will allow investors to gain exposure to ADA without purchasing it from exchanges or worrying about self-custody methods. This could have a positive effect on the price in the long term. As of now, though, Cardano’s native token is not in the best shape. It trades at around $0.64 (per CoinGecko’s data), representing a 12% daily decline . Its drop aligns with the broader collapse of the cryptocurrency market , where Bitcoin (BTC) crashed below $90,000, while Ethereum (ETH) dipped under $2,400. As CryptoPotato reported , the sector’s decline negatively affected some over-leveraged traders. The total value of liquidated positions in the last 24 hours surged past $1 billion. Grayscale’s XRP-Related Efforts The entity also recently sought regulatory approval to convert its existing XRP Trust into an exchange-traded fund. Earlier this month, the SEC acknowledged that application, triggering a substantial uptick in the price of the underlying asset . Other well-known companies willing to introduce an XRP ETF in America include 21Shares and Bitwise. The Commission has also acknowledged their filings. According to numerous industry participants the launch of such an investment vehicle might be just around the corner, whereas Ripple’s CEO has asserted multiple times that this is “inevitable.” The chances of an approved XRP ETF in the US before the end of 2025 currently stand at 74% (per Polymarket). The post Cardano (ADA) ETF Approval Odds Surge in the US After Key Development: Details appeared first on CryptoPotato .
The crypto market faces significant selling pressure and a substantial decline in value. Market responses to political decisions and risk appetite are influencing future trends. Continue Reading: Market Turmoil: What’s Driving the Crypto Downturn? The post Market Turmoil: What’s Driving the Crypto Downturn? appeared first on COINTURK NEWS .
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Ethereum price is having its worst February performance in history. Despite this dip, the Ethereum (ETH) Cost Basis Distribution shows that instead of completely exiting their positions, investors are accumulating ETH at lower prices. As accumulation builds, can ETH price defend support at $2,300 and possibly rally to $3,000? Ethereum is Down 11%, Price Trades at $2,394 Ethereum price today trades at 2,394 after an 11% drop in 24 hours. This drop mirrored a massive pullback across the broader crypto market that saw the total market cap fall by a staggering 8% to below $3 trillion as total liquidations topped $1.5 billion according to Coinglass . Ethereum saw the second-highest level of liquidations of $300M, out of which $276M were long positions. The negative sentiment from the broader market adds to the headwinds that have stirred Ethereum’s price volatility this week after the Bybit hack. The hackers are laundering the stolen ETH on exchanges, and despite recovery attempts , this activity may weigh on ETH and cause more volatile price swings. Ethereum Price Analysis as Cost Basis Drops The price of Ethereum has been under bearish stress, leading to the delay of an altcoin season . However, ETH is defying the usual panic selling trend as Glassnode’s Cost Basis Distribution (CBD) metric shows its cost basis is dropping. The CBD metric is used to check the price at which new investors are buying ETH. As the cost basis drops, it indicates that investors are willing to buy Ethereum at cheap prices. Ethereum Cost Basis Distribution One of the main accumulation zones where traders bought 768K ETH as the price dropped is at $2,632. Earlier this month, as ETH fell below $3,300, traders also bought 1.22M ETH at $3,149. If the downtrend extends, it could mark the beginning of another accumulation phase as traders look to buy the ETH dip. As the cost basis drops, there is a high likelihood that the price of Ethereum will defend key support levels. This is contingent on whether traders stick to past accumulation trends. Key Support Levels to Watch Ethereum price is about to record its worst performance in February and defy historical trends that dictate that the month has always boded well for ETH. As the price retraces, one of the most critical support levels to watch is $2,300. As trader Ali Charts pointed out, the price of Ethereum has been trading above this support since February last year. If it breaches this level, it could accelerate a downtrend towards the psychological price of $2,000. ETH/USD: 3-day Chart As aforementioned, the cost basis drop supports the thesis of the price holding levels above $2,300. Additionally, if long liquidations cool off after nearly $300M in forced selling within 24 hours per Coinglass, it could give room for a recovery. Another crucial price level to watch in Ethereum price prediction is the lower trendline of a falling wedge pattern on its daily chart. The falling wedge pattern often signals a reversal from a bearish trend. If ETH bounces from the lower trendline and flips resistance at the upper trendline with strong buy volumes, it could spark a rally past $3,200. Conversely, if support at this lower trendline fails to hold, it could cause further downside. ETH/USDT: 1-day Chart What Short Positions Suggest About ETH If Ethereum price can defend the $2,300 support and reverse to breach resistance at the upper trendline of its falling wedge it could rally towards $3,000 in the near term. However, such a rally could wipe out nearly $2 billion in short positions in a massive short squeeze. Ethereum Liquidation Map Short sellers are traders who bet that the price of an asset, in this case, Ethereum, will drop. If ETH were to make a sudden recovery and approach this hot liquidation zone, the cascade of short liquidations could accelerate the uptrend due to additional buying pressure as short sellers close their positions. However, despite $3,000 being a major liquidation zone, Ethereum price would have to clear resistance at around $2,800 to confirm an uptrend to this level. The post Ethereum Price Analysis as Cost Basis Drops – Will ETH Hold $2,300 Support? appeared first on CoinGape .
On February 25th, a report from an analyst at Shenwan Bank highlighted a significant decline in Bitcoin, which plummeted to a three-month low. This downturn is primarily attributed to escalating