On February 5, Bitcoin dipped below $98,000 as the global crypto market cap fell to $3.21 trillion. Major crypto assets had mixed performance, with Bitcoin down 0.52% and Ethereum up 1.75%. Notable gainers included FTT, which rose by nearly 18%, while ENA experienced a loss of over 6%. Market sentiments remain cautious amid geopolitical tensions and regulatory scrutiny.

On February 5, the cryptocurrency market experienced notable declines, with Bitcoin (BTC) dipping below $98,000 for the first time in a while. The overall crypto market cap fell to $3.21 trillion, reflecting a 0.32 percent decrease in the previous 24 hours. Other prominent cryptocurrencies showed varying performance, with Ethereum (ETH) rising 1.75 percent, while Dogecoin (DOGE) gained 0.54 percent. In contrast, FTT emerged as the most significant gainer with an 18 percent increase, while Ethena (ENA) faced the largest loss, dropping 6 percent.

As of the latest data, Bitcoin was priced at $97,862.20, indicating a minor decline of 0.52 percent. Ethereum traded at $2,717.51, and Litecoin (LTC) registered a 2.65 percent gain at $101.96. XRP, however, experienced a decline of 1.35 percent, priced at $2.49, while Solana (SOL) rose slightly to $204.07 with a 0.58 percent increase.

The day brought significant fluctuations, highlighting key gainers such as FTT with a price of $2.12, marking a 17.97 percent rise, and other tokens like Hyperliquid and Pudgy Penguins, which also showed commendable gains. Conversely, notable losers included Lido DAO and Aerodrome Finance, indicating pressures across multiple projects.

Market experts expressed caution concerning Bitcoin’s trading environment, with comments from various executives about the influence of geopolitical tensions on market stability. Edul Patel of Mudrex noted the necessity for Bitcoin to regain the $103,600 mark to return to bullish momentum, while CoinSwitch highlighted the volatility caused by trade war fears, particularly following changes in U.S. tariffs.

With the ongoing market dynamics, industry leaders like Avinash Shekhar and Sathvik Vishwanath emphasized the importance of cautious trading amid increased regulatory scrutiny and international trade conflicts. The market’s bearish trends are reflected in the developments that have created heightened uncertainty among traders.

The cryptocurrency market operates continuously with various assets that can exhibit volatile behaviors influenced by external factors such as regulatory changes and international trade relations. Bitcoin remains a pivotal asset in this market, often reflecting broader trends. The performance of altcoins, including Ethereum and Dogecoin, can also significantly affect market sentiment. It is essential to monitor these market shifts, especially in times of heightened geopolitical tension, as they can lead to increased volatility and investor caution.

In summary, February 5 marked a challenging day for the cryptocurrency market, with Bitcoin falling below $98,000 and a slight dip noted across several major cryptocurrencies. The market cap dropped to $3.21 trillion amidst mixed performances from various digital assets. Gainers and losers were notable, and expert insights underscored the pressing need for cautious trading as geopolitical concerns continue to dominate market sentiments.

Original Source: news.abplive.com

Related posts:

Cryptocurrency Market Update: Bitcoin Surpasses $96,000 with ALGO Leading Gainers Bitcoin Reaches New All-Time High Above $107,500 as Market Optimism Grows Bitcoin Ends 2024 at $92,000 Amid Market Volatility and Institutional Activity Cryptocurrency Price Update: Bitcoin Starts 2025 Steady Amid Market Fluctuations