Bitcoin Pares Losses and Nears the $96,000 Mark
Despite ongoing volatility and macroeconomic and geopolitical challenges, Bitcoin continues to show growth potential, driven by institutional consolidation and regulatory changes.
Cryptocurrencies begin the week with uncertainty mirroring last week’s close. Bitcoin (BTC) remains in decline, hovering just above the $96,000 threshold, according to Binance, while Ethereum (ETH) holds firm above $2,700 after rising 2.9% in the past 24 hours.
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Among altcoins, performance is mixed. Solana (SOL) and Ripple (XRP) have dropped 4.6% and 3.2%, respectively, while Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX)—alongside Ethereum—are among the few gainers, rising 4.5% and 2%, respectively.
Bitcoin, the largest cryptocurrency by market capitalization, has struggled to break past the $100,000 mark throughout February and remains stuck between $90,000 and $96,000. The enthusiasm of previous weeks appears to have faded, reflected in Bitcoin spot ETFs, which saw outflows of nearly $600 million last week.
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This trend signals a decline in institutional investor confidence. If it persists, price corrections could deepen, especially given Bitcoin’s weak correlation with gold and higher sensitivity to traditional stock indices, making it more vulnerable to volatility in an uncertain economic climate.
Recent U.S. macroeconomic data has added to the uncertainty. In January, inflation exceeded expectations both in headline and core terms, while producer prices also rose above forecasts. Federal Reserve Chair Jerome Powell’s remarks suggesting no urgency to cut interest rates have further influenced market sentiment. As a result, investors now anticipate only one potential rate cut for the entire year.
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