Crypto Update: Bitcoin Narrowly Trades as Solana Nears Key Support Level on Feb 17, 2025
On February 17, 2025, the crypto market fell by 1.32%, with Bitcoin trading at $96,000 and Solana nearing key support at $181. Metaplanet aims to increase its Bitcoin holdings substantially. FTX is scheduled to repay claims under $50K on February 18, aiding market confidence. Top gainers today included Sonic and Cardano, while Jupiter and Litecoin experienced steep declines.
On February 17, 2025, the cryptocurrency market experienced a decline, with the market capitalization shrinking by 1.32%, totaling $3.19 trillion. The trading volume fell by 2.83% to $61.3 billion, reflecting a turbulent environment as indicated by the Fear & Greed Index, which resides at the “Fear” level of 38. This drop has compelled traders to reassess their positions amidst the ongoing volatility.
Bitcoin’s trading activity has remained limited, showing a price drop of 1.32% to $96,000, with a market cap of approximately $1.90 trillion. Despite this pressure, there is an observable long-term accumulation trend, primarily driven by increasing institutional interest. Notably, Japanese investment firm Metaplanet has secured $26.1 million to expand its Bitcoin holdings significantly, with plans to amass 10,000 BTC by 2025.
Solana, facing considerable selling pressure, has seen its price decline by 6.18%, positioning it near a critical support level of $181. This price point is essential for the asset’s future movement, as it may dictate subsequent trends in the market. Additionally, Ethereum and XRP recorded drops of 1.40% and 3.55%, respectively, further signifying widespread market challenges.
In a noteworthy development, FTX is set to initiate payments for claims under $50,000 from February 18, utilizing BitGo and Kraken as transaction facilitators. This repayment process is anticipated to reinstate confidence among creditors, offering a potential uplift in market sentiment in the ensuing days.
Among the notable gainers today are Sonic (+4.56%), PancakeSwap (+4.21%), and Cardano (+3.48%). Conversely, the top losers include Jupiter (-11.33%), VIRTUAL (-8.69%), and Litecoin (-7.86%). Market participants continue to monitor these trends closely as conditions evolve.
Overall, the cryptocurrency market remains volatile, with Bitcoin and Solana experiencing significant price movements. The Fear & Greed Index reflects prevailing anxiety among traders. Upcoming events, such as FTX repayments, may provide some stability and influence future trading directions. The interest from institutional investors like Metaplanet highlights ongoing support for Bitcoin despite market fluctuations.
Original Source: coinpedia.org
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