XRP Slumps Hard After Another $1.60 Rejection, BTC Slips Below $84K: Market Watch
After the explosive start to the business week, in which BTC gained $7,000 in 12 hours or so, the asset was primed for a correction, which began yesterday evening and culminated today with a price drop to under $84,000.
The altcoins have followed suit as they usually do, with ETH slumping below $2,700 and Ripple’s XRP plunging by more than 7% to under $1.50. LTC is among the few exceptions today.
BTC Dips Below $84K
After the seemingly negative week in terms of macro developments, in which the CLARITY Act was voted down and the Fed hiked rates in the US, BTC had dropped to $75,000 last Wednesday, and the overall sentiment had flipped. However, the asset ended the week on a strong note, surging past $80,000 on Friday to the surprise of many.
It climbed to $82,000 on Saturday, where it was stopped, and slipped to $80,300 after the new escalations on the two major war fronts. Bitcoin couldn’t be contained on Monday, though. In the span of just 12 hours or so, the asset blasted through a few major resistance levels and skyrocketed to an eight-month peak of over $87,000.
It pulled back to $85,000 on Tuesday but went on the offensive again on Wednesday morning and topped $87,000 for the second time in 48 hours. However, another rejection followed that drove it south to under $84,000, where it currently struggles while analysts debate whether this is just a healthy correction or there’s more to the story.
For now, its market cap has dropped to $1.680 trillion on CMC, while its dominance over the alts stands flat at 59%.
Alts See Red
Ripple’s native token is among the poorest performers in the past 24 hours. The asset flew to over $1.60 just yesterday, but the subsequent rejection has pushed it south hard, and it now struggles below $1.50. Other major losers include DOGE, ADA, XLM, BCH, UNI, CRO, ZEC, NEAR, and RAIN.
ETH, BNB, SOL, TRX, HYPE, and XMR are also in the red, albeit in a less painful manner. In contrast, LTC has rocketed by almost 8% to $68. BTC and MORPHO are also slightly in the green among the larger-cap alts.
The total crypto market cap has shed nearly 3% daily and it’s down to $2.850 trillion on CMC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Slowing AI models may not necessarily be bearish: three structural tailwinds for traditional data centers outweigh rising interest rates
HSBC believes that the traditional growth logic of data centers is shifting from frontier model iteration to AI commercialization and diffusion. With the rise in inference demand and increased capital expenditure from cloud service providers, combined with tightening power and regulatory constraints, the supply-demand imbalance is expected to persist until 2028. Even with rising interest rates, the compound annual growth rate of AFFO per share is still expected to reach 11%–12% from 2025 to 2028, demonstrating strong earning resilience.
This time, will U.S. Treasury bonds crash U.S. stocks?
Bloomberg strategist Simon White warns that the recent rise in US Treasury yields is shifting from a "benign" increase driven by interest rate expectations to a disorderly surge fueled by expanding term premium. Market analysts note that higher long-term interest rates will simultaneously push up US stock valuation discount rates and corporate financing costs, intensifying liquidation pressure on highly leveraged assets. If interest rates above 5% become the new norm, US stock valuations will face ongoing compression pressure.
Eurosystem Launches Blockchain Platform for Tokenized Asset Settlements
Crypto prices
More
