Bitcoin (BTC) price led the wider altcoin market, led by Ethereum (ETH) and XRP, in a bearish outlook in the past 24 hours. The flagship coin dropped over 1 percent in the past 24 hours to trade about $83.3k on Thursday, during the early Western financial markets.
Ethereum price slipped around 2 percent in the last 24 hours to trade around $1,824 at the time of this writing. Ripple Labs’ XRP recorded similar losses to trade below $2 for the first time in April.
According to on-chain data analysis, long-term Bitcoin holders have acted differently from the ongoing accumulation by public companies. For the past few months, public companies have purchased 95k BTCs while long-term holders have offloaded 178k BTCs.
With the notable cash outflows from the U.S. spot BTC and Ether ETFs in the past few months, the crypto market was prone to bearish sentiment.
Meanwhile, Ripple diluted the XRP market with 300 million coins from its monthly unlocks, which weighed down on the potential bullish outlook.
Ethereum and XRP prices followed Bitcoin prices in a sudden correction, which caused a $500 million crypto liquidation in the past 24 hours. As Coinpedia previously pointed out, most of the crypto assets led by BTC have been forming a bearish continuation pattern, characterized by a rising wedge in a falling market.
The crypto correlation with major stock indexes and gold markets has significantly declined in the recent past. The short-term macroeconomic uncertainty has pushed more investors to the gold market and away from tech and crypto assets.
Following the announcement of the reciprocal tariffs by U.S. President Donald Trump on Wednesday, the odds of a recession in major economies significantly surged. According to the Polymarket, the offs of a U.S. recession in 2025 surged by 32 percent to around 51 percent chance on Thursday.
Although a recession is considered bullish for the crypto market, the fear of short-term bearish sentiment was palpable. Moreover, the new tariffs will significantly disrupt global supply chains, and possibly cause financial strains to middle and low-income households.
The crypto market has approached a crucial pivotal moment, which could either trigger a parabolic rally in the coming months or further pain. However, the ongoing rally of gold price has signaled a potential crypto recovery in the near term.
Moreover, the crypto market has experienced significant pain since the pro-crypto Trump administration took office, signaling a potential relief rally in the near term.
Bitcoin dropped due to whale sell-offs, ETF outflows, and bearish technical patterns, triggering broader crypto market losses.
Trade wars increase recession fears, pushing investors toward safer assets like gold, reducing demand for crypto in the short term.
Yes, ETH often mirrors BTC’s price movement, and recent bearish patterns led to Ethereum’s 2% drop in the last 24 hours.
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