Bearish Turn: Cryptocurrencies Drop Up to 4% as Bitcoin Falls to $96,000
The cryptocurrency market is facing a new bearish turn, with Bitcoin (BTC) down 0.4% in the last 24 hours, according to Binance, though it remains above $96,400.
Ethereum (ETH) has dropped 3.4% to $2,687, while altcoins are following a similar trend, with Solana leading declines of up to 3.2%.
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This downturn appears to coincide with a press conference by David Sacks, the White House’s “crypto and artificial intelligence czar,” alongside key figures from the Senate and House of Representatives. Analysts had anticipated updates on the strategic Bitcoin reserve, but Sacks made only a brief mention of a cryptocurrency task force, offering little detail. Instead, he focused on stablecoin regulation, emphasizing their potential to expand the dollar’s global influence.
Stablecoins Adoption and Traditional Markets
The $227 billion stablecoin market was another key topic. Sacks highlighted that stablecoins could drive new demand for U.S. Treasury bonds, potentially lowering long-term interest rates. This uncertainty, coupled with rising tensions in the U.S.-China trade war, has kept Bitcoin consolidating between $90,000 and $100,000.
Despite recent setbacks, some analysts remain optimistic, suggesting that Bitcoin could rebound in the future. The consensus is that the cryptocurrency will continue gaining ground as the U.S. government advances its plans for digital assets.
Meanwhile, in Traditional Finance, the Numbers Didn’t Help. The New York Stock Exchange closed with mixed results as traders digested a wave of corporate earnings reports and fresh labor market data ahead of the crucial monthly jobs report set to be released on Friday.
In this context, the Dow Jones Industrial Average fell 0.28% to 44,747.63 points, while the S&P 500 gained 0.36% to 6,083.57 points, and the Nasdaq Composite rose 0.51% to 19,791.99 points.
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