Daily Crypto Signals: Bitcoin Hits $98K While XRP Surges 5% on Brazil’s ETF Approval
The cryptocurrency market showed mixed signals today as Bitcoin traded near $98,000, while XRP rallied 5% following Brazil’s approval of the world’s first spot XRP ETF, and Cardano gained 4% after ratifying its constitution.
The crypto market exhibited varied momentum across major assets; with Bitcoin displaying signs of low volatility near $98,000 among declining spot ETF inflows. XRP peaked at $2.67 after Brazil’s historic ETF clearance, while Cardano’s governance milestone drove its price above $0.79.
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Crypto Market Developments
Three significant developments are shaping the crypto landscape today. In Argentina, President Javier Milei’s U.S. diplomatic trip has been overshadowed by the LIBRA memecoin scandal, where a token he promoted on social media reportedly led to $251 million in investor losses after an alleged rug pull. The president and his team are now working to distance themselves from the incident.
In the Bitcoin ecosystem, Stacks co-founder Muneeb Ali has issued a stark warning about Bitcoin Layer-2 projects, predicting that more than two-thirds will fail within three years as the “honeymoon phase” ends. Ali’s own project, Stacks, recently completed its Nakamoto upgrade, which now leverages 100% of Bitcoin’s hash power for security.
Meanwhile, the crypto industry scored a significant regulatory victory as the SEC voluntarily dismissed its appeal over the controversial broker-dealer rule. The dismissal, confirmed in a Feb. 19 filing to the Fifth Circuit Appeals Court, effectively ends a legal battle that could have given the SEC broader jurisdiction over decentralized crypto protocols. Blockchain Association CEO Kristin Smith celebrated this as a “complete and total victory” for the crypto industry.
Bitcoin ETF Inflows Keep Crypto Markets Under Pressure
Since Bitcoin BTC/USD keeps trading within a limited range between $91,000 and $102,000, the larger cryptocurrency market stays wary. With present net inflows about 41,000 BTC against 100,000 BTC in the previous year, spot Bitcoin ETF inflows have substantially dropped in Q1 2025 compared to Q1 2024. Risk-averse conditions in the market are shown by the 1-month basis of the CME Bitcoin futures falling to levels last seen in September 2023.
Though it still follows a declining channel pattern, Bitcoin (BTC) has exhibited a 4.40% comeback following a new range at $93,321. With the price finding difficulty keeping momentum over $97,000, trading volumes have dropped to pre-election levels. Analysts point out that the close compression of Bitcoin over the previous 15 days reflects trends observed in August 2023, implying an impending breakout once the price crosses the critical $98,000 resistance mark.
XRP Rallies 5%, Could Test $6 on XRP ETF Approvals
With a 5% daily gain and trading above $2.67, XRP XRP/USD has outpaced the wider market. This increase tracks Brazil’s securities regulator (CVM) approving the Hashdex Nasdaq XRP Index Fund, the first spot XRP ETF globally. Rising trader engagement is shown by the token’s open interest jumping by 18% last week to $4.11 billion. Technical study points to more possible increases; traders are focusing on the $3.40 level as the next important target.
Cardano Crosses $0.79
Driven by several encouraging events, Cardano’s ADA/USD has risen 4.4% to trade above $0.79. Recently, the network approved its constitution with 85% of the community, therefore implementing a new governance structure. Cardano’s DeFi ecosystem also shows notable expansion; total value locked (TVL) rose by 22% to $383.7 million over the past week. Technical study indicates possible further gain, with resistance levels between $0.90 and $0.98 acting as the next main obstacle.
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