Bitcoin dipped below $95,000 early in today’s trading as a key support level crumpled. The flagship cryptocurrency is struggling to reclaim $96,000 and is currently trading around $95,450. BTC is down nearly 3% over the past 24 hours, oscillating in a narrow range that indicates low trading activity.
The crypto market opened in the red after Tuesday’s recovery, with cryptocurrencies in the red. Ethereum (ETH) tumbled from above $2,700 to its current level of $2,580, down almost 4% over the past 24 hours, while Ripple (XRP) is down over 3%. Solana (SOL) is also in the red and has dropped below $200 to trade at $195 after a drop of nearly 5%. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Tron (TRX), Stellar (XLM), Toncoin (TON), Litecoin (LTC), Uniswap (UNI), Hedera (HBAR), and Polkadot (DOT) also registered heavy losses. The crypto market cap is down over 2% and currently sits at $3.13 trillion.
US Regulators Must Prioritize Crypto Clarity
Bitstamp US CEO Bobby Zagotta believes US regulators must prioritize crypto clarity like the EU’s Markets for Crypto-Assets Regulation (MiCA). MiCA is a set of rules and regulations designed to regulate the crypto market in the EU. The idea behind the rules and regulations is to bring more legal clarity and consumer protection while promoting innovation. However, some worry that regulation brings more trouble than good. Tether’s Paolo Ardoino shares this view, stating that MiCA’s regulatory move puts banking systems and the use of stablecoins in the European bloc at a systemic risk because MiCA requires stablecoin issuers in Europe to keep at least 60% of their assets in Europe-based bank accounts.
SEC And Binance Seek Pause In Lawsuit
The United States Securities and Exchange Commission (SEC) and Binance have filed a joint motion to pause their legal case for 60 days. This is the first time a major crypto litigation has been paused since Mark Uyeda took over as acting Chair of the SEC. The motion was filed on February 10 and cited the establishment of the SEC’s crypto task force as the reason for the pause. The SEC and Binance stated in the motion,
“The work of this task force may impact and facilitate the potential resolution of this case.”
The SEC and Binance plan to issue a joint report on whether the stay must continue after 60 days.
“As this is a joint motion, there is no prejudice to any party here, and a stay could save the parties resources because, if an early resolution could be reached, it would obviate the need to continue merits discovery.”
A spokesperson for Binance stated,
“We are grateful to interim Chairman Uyeda for his thoughtful approach to ensuring digital assets receive the appropriate legislative and regulatory focus in this new, golden era of blockchain in the US and around the world.”
The SEC’s Crypto Task Force has been tasked with establishing a regulatory framework for the crypto industry in the US, and is led by SEC Commissioner Hester Pierce, who has supported crypto for years. Pierce has been critical of the SEC’s approach towards crypto under Gary Gensler and described the agency’s handling of crypto as legally imprecise and commercially impractical.
“Many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve working across the whole agency and cooperating with other regulators. Please be patient.”
Jerome Powell Calls For Fresh Look At Debanking
Federal Reserve Chair Jerome Powell believes it is time for a fresh approach to debanking after criticism that the crypto industry is being shut out of banking services. Powell made the comments during a Senate Banking Committee hearing when the committee’s chair, Tim Scott, asked if Powell would work with him to ensure that financial rules don’t impose more burden than necessary.
“I will commit to working with you on that. We try to avoid excessive burden. Look, I think it’s fair to take a fresh look, frankly, on debanking. We don’t intentionally do these things, but sometimes regulation leads things to happen, and we need to be working on that.”
Powell was also asked if he would work with lawmakers to end debanking, to which he responded in the affirmative. Crypto firms have struggled with establishing and maintaining accounts in the US. Coinbase had to sue the Federal Deposit Insurance Corporation last year, accusing the agency of attempting to cut off crypto from the banking sector. Big bank CEOs have also spoken about their troubles with crypto. Powell admitted he was struck by the scale of debanking, stating,
“I will tell you that I am struck and my colleagues and I are struck by the growing number of cases of what appears to be debanking and we’re determined to take a fresh look at that.”
Powell has said banks can serve crypto customers if they can manage the risk.
“The threshold has been a little higher for banks engaging in crypto activities, and that’s because they’re so new.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down nearly 3% over the past 24 hours after Federal Reserve Chair Jerome Powell cautioned against rate cuts. Powell cited elevated inflation and a tight labor market for maintaining the Fed’s hawkish stance. The Fed Chair’s comments come after a drop in the unemployment rate, resilient wage growth, and persistent inflation pressures. As a result, BTC’s price action remained muted as the flagship cryptocurrency lost more ground on Tuesday, briefly dipping below $95,000. BTC has traded in a narrow range since last week, with fears of a global trade war impacting market sentiment and risk appetite. President Donald Trump also announced tariffs on aluminum and steel. Markets are waiting for the consumer price index (CPI) numbers, due on Wednesday, to gauge the Fed’s rate outlook. BTC could see movement once the numbers are out.
However, the Fed is expected to keep interest rates high and is likely to postpone interest rate cuts until next year due to concerns about rising inflation, thanks to Trump’s tariff policy. A higher interest rate could adversely impact crypto by reducing investor appetite for risk assets. Higher interest rates increase borrowing costs and lead to a slowdown in economic activity and a shift of capital from risk assets to safer assets.
BTC is trading below $96,000, with sellers looking to seize the opportunity and drive the price towards $90,000.A drop to this level could trigger buying activity if traders buy the dip. BTC remains tethered between $94,000 and $108,000, with the range narrowing further this week as price action and momentum slowed. BTC made a strong recovery on Monday after plummeting to an intraday low of $91,274, reclaiming $100,000 and settling at $101,579. Despite the recovery, BTC was back in the red on Tuesday, dropping below $100,000 and the 50-day SMA to $97,983. Sellers retained control on Wednesday as the price fell 1.34% to $96,668. BTC attempted to reclaim $100,000 on Thursday as it reached an intraday high of $99,237. However, it could not stay at this level and ultimately dropped to $96,641.
Source: TradingView
BTC briefly crossed $100,000 on Friday, reaching an intraday high of $100,222. However, selling pressure forced buyers into a retreat, and BTC settled at $96,634. Price action was muted over the weekend as BTC registered a marginal increase on Saturday and a marginal decline on Sunday to settle at $96,526. BTC encountered volatility on Monday as buyers and sellers struggled to establish control. BTC ultimately registered an increase of 0.98% and settled at $97,468. However, it lost momentum on Tuesday, falling to move past the 50-day SMA and dropping nearly 2% to slip below $96,000 and settle at $95,801. The current session sees BTC marginally up as it looks to reclaim $96,000.
Buyers must keep BTC above $96,000 to prevent a further decline. However, if they are overwhelmed and sellers take control, BTC could plummet to $90,000. The RSI remains below the neutral zone, while the MACD remains bearish.
Ethereum (ETH) Price Analysis
Ethereum (ETH) price action remains muted as it struggles to remain above $2,600, with the price only marginally up during the current session. Despite starting the year above $3,000, ETH has underperformed since the beginning of the year. The asset has lost significant value and dipped below $3,000 at the beginning of February and has struggled to bounce back, dipping below key support levels.
ETH’s collapse on Monday saw the price dip to $2,160 before bouncing back. ETH ultimately reclaimed $2,800 and settled at $2,882, registering a marginal increase. However, it could not sustain its relief rally and was back in the red on Tuesday, dropping over 5% to an intraday low of $2,636 before settling at $2,732. ETH recovered on Wednesday, rising just over 2% and settling at $2,789. However, it fell back on Thursday, dropping nearly 4% to slip below $2,700 and settle at $2,688. ETH attempted a recovery on Friday, reaching an intraday high of $2,798 before losing momentum and dropping 2.42% to $2,623.
Source: TradingView
ETH’s price action was subdued over the weekend as it registered a marginal increase on Saturday and a marginal decline on Sunday to settle at $2,628. ETH briefly dipped below $2,600 on Monday as it fell to an intraday low of $2,561. However, it recovered to register an increase of 1.30% and settled at $2,663. Buyers attempted to reclaim $2,700 on Tuesday as ETH rose to an intraday high of $2,727 before dropping 2.25% and settling at $2,603. The current session sees ETH marginally up as it struggles to remain above $2,600. If ETH drops below this level, it could fall to $2,500. A break below this level could drag the price to $2,000-$2,100. ETH must reclaim $2,700 for bullish sentiment to return.
Solana (SOL) Price Analysis
Solana (SOL)’s recent momentum has stalled as it failed to move past and consolidate above $200. SOL was bearish at the beginning of the previous week, dropping to an intraday low of $176 before recovering to settle at $216. It fell back on Tuesday, dropping 4.51% to slip below the 50-day SMA and settle at $206. Bearish sentiment intensified on Wednesday as SOL fell over 5%, slipping below $200 and settling at $196. Buyers attempted a recovery on Thursday as SOL reached an intraday high of $204. However, it could not stay at this level and fell back, dropping just over 3% to $189.
Source: TradingView
Bullish sentiment returned on Friday as SOL reached an intraday high of $203 before settling at $192, an increase of 1.34%. Bullish sentiment intensified on Saturday as SOL rose nearly 4% and settled at $199. SOL saw volatility on Sunday as sellers attempted to thwart a move past $200. SOL ultimately registered a marginal increase and settled at $200. Volatility persisted on Monday as SOL fell to an intraday low of $196 and rose to an intraday high of $209 before settling back at $200. Sellers gained the upper hand on Tuesday as SOL dropped 1.24% to $190. The current session sees SOL down almost 1% as sellers look to drive SOL lower. The RSI and MACD indicate that sellers have the advantage, and SOL could see a further decline in the near term.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is trading in a narrow range as it struggles to build momentum after last week’s dramatic collapse. DOGE fell to an intraday low of $0.203 last Monday before recovering to register an increase of nearly 7% and settle at $0.286. DOGE was back in the red on Tuesday, dropping almost 8% and settling at $0.264. Sellers retained control on Wednesday, and the price dropped 3.14% to $0.256. Bearish sentiment persisted on Thursday, and DOGE fell just over 3% to $0.248. DOGE encountered significant volatility on Friday as buyers and sellers struggled to establish control. The price ultimately registered a marginal decline and settled at $0.247.
Source: TradingView
DOGE had a mixed weekend, registering an increase of 2.35% on Saturday and a drop of 1.54% on Sunday to settle at $0.249. The current week began with DOGE up over 2.50% and trading at $0.255. The price reached an intraday high of $0.269 on Tuesday but could not stay at this level, ultimately dropping nearly 1% to $0.252. The current session sees DOGE marginally up and trading around $0.254.
Bittensor (TAO) Price Analysis
Bittensor (TAO) was bearish for most of last week but began a rally on Friday and is testing the resistance at $400. As with other cryptocurrencies, TAO registered a substantial drop on Monday, plummeting to an intraday low of $329. However, it made a stunning recovery from this level, surging over 14% to settle at $400. However, TAO could not sustain this rally and fell back in the red on Tuesday, dropping over 10% to $358. TAO continued to drop on Wednesday, falling over 2% to $349. Buyers attempted a recovery on Thursday as TAO surged to an intraday high of $376. It lost momentum after reaching this level and dropped nearly 7% to $326.
Source: TradingView
A drop of just over 2% on Friday saw TAO fall to $319. However, sentiment changed over the weekend as TAO rallied nearly 10% on Saturday to settle at $350. TAO continued its upward trajectory on Sunday, rising 4.26% to $365. The price encountered volatility on Monday as sellers attempted to lower the price. However, buyers ultimately gained the upper hand, and TAO rose just over 6% to $387. TAO surged to an intraday high of $437 as buyers sought to overwhelm the resistance at $400. However, it could not move past this level thanks to the 50-day SMA and ultimately settled at $412 after an increase of $412. The current session sees TAO down nearly 3% as sellers look to drive it below $400. TAO is currently trading at $401.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) is trading in a narrow range, between $6.50 and $7.50. Buyers and sellers have been unable to decisively influence the price since the weekend, as muted price action persists. ICP registered an increase of just over 2% on Monday after recovering from an intraday low of $5.66. However, it fell back in the red on Tuesday, dropping nearly 8% to $7.05. A drop of 0.99% on Wednesday took ICP below $7, as it settled at $6.98. Sellers retained control on Thursday as the price fell nearly 4% to $6.71.
Source: TradingView
ICP attempted a recovery on Friday and reached an intraday high of $7.24. However, it could not sustain itself at this level and dropped to $6.79, registering an increase of 1.19%. The weekend was mixed as ICP registered a rise of 3.39% on Saturday before falling 1% on Sunday to settle at $6.95. Price action has remained muted since, with ICP registering a marginal increase on Monday and rising to $7. ICP rose 1.43% on Tuesday to settle at $7.10. The current session sees ICP marginally up as buyers look to consolidate above $7.
Algorand (ALGO) Price Analysis
Algorand (ALGO) recovered from its Monday low of $0.221, rising 4.47% to $0.313. However, bearish sentiment returned on Tuesday, dropping nearly 7%, slipping below $0.30 and settling at $0.291. Sellers retained control on Wednesday as ALGO fell 3.60% to $0.281. Bearish sentiment intensified after a failed recovery on Thursday as the price dropped just over 5% and settled at $0.266.
Source: TradingView
However, sentiment changed on Friday as ALGO rose to an intraday high of $0.295. However, it could not stay at this level and dropped to $0.269, registering an increase of just over 1%. The price continued to push higher on Saturday, rising 2.47% and moving to $0.276. Volatility set in on Sunday as buyers and sellers struggled to take control. ALGO ultimately registered a marginal decline and ended the weekend at $0.275. Bullish sentiment returned on Monday as ALGO registered an increase of 5.57% and settled at $0.290. The price reached an intraday high of $0.313 on Tuesday but fell after reaching this level, ultimately registering a drop of 1.69% and settling at $0.285. The current session sees ALGO marginally up as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice