Cryptocurrencies Price Prediction: Bitcoin, Dogecoin & Crypto – European Wrap 4 March
Bitcoin experiences significant declines, trading at about $83,900 after a brief surge. Dogecoin ETF has been filed with the SEC amidst overall market volatility. The cryptocurrency market capitalization has dropped drastically, indicating heightened risks and bearish sentiment across major cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.
Bitcoin (BTC) is currently trading around $83,900, experiencing a downward trend after initially peaking over the weekend. The recent announcement by US President Trump regarding the Crypto Strategic Reserve has transitioned into a classic case of ‘buy the rumor, sell the news’, resulting in the liquidation of approximately 289,815 traders, translating to roughly $978.62 million in losses within 24 hours.
In a notable development for Dogecoin (DOGE), a filing has been submitted to the SEC by NYSE Arca to approve Bitwise’s Dogecoin exchange-traded fund (ETF). This comes on the heels of a previous S-1 submission, with Coinbase Custody designated to manage Dogecoin assets and the Bank of New York Mellon handling cash administration aspects.
The overall cryptocurrency market has faced significant pressure, resulting in a substantial decline, with the total market capitalization dropping to $2.76 trillion—over 9% in losses within the last day. The market’s failure to maintain momentum has driven it below the 200-day average, highlighting vulnerabilities amid ongoing volatility.
Also significant is the market’s liquidation trends as Bitcoin’s price revisited the $80,000 range, losing over 15% since the beginning of the week. This decline reflects a market capitalization loss of $660 billion and highlights the overall bearish sentiment following Trump’s initial strategic reserve proposal that failed to maintain a bullish momentum.
Furthermore, the Dogecoin price has dipped to around $0.19, following a nearly 17% drop. This bearish trend has resulted in over $20 million in liquidations within the past 24 hours, further indicating a challenging market environment. Ethereum (ETH) has not been immune either, experiencing a decline to $2,100 after initial bullish movement caused by Trump’s announcement.
While Bitcoin did ascend to a high of $94,416 earlier in the week, it has now fallen below the $90,000 threshold, raising concerns regarding institutional confidence. The overall conclusion points toward a continuing bearish trend as cryptocurrencies reevaluate their positions amidst fluctuating influences in the market, emphasizing the necessity for cautious investment approaches.
In summary, the cryptocurrency market is currently facing significant downturns following a brief surge inspired by political announcements. Bitcoin and Dogecoin are particularly affected, with substantial losses recorded across various assets. Investors are advised to exercise caution as the market grapples with volatility and uncertainty, and traditional market pressures continue to have adverse effects on cryptocurrency valuations.
Original Source: www.fxstreet.com
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