Bitcoin Price Declines 3% Amid Concerns Over Market Fragility
Market Overview
As of the start of trading in Asia:
- BTC is down 3% to $113,000
- ETH has fallen 5.6% to $4,100
- Market weakness continues despite positive headlines
Market Analysis
A report from Glassnode indicates:
- Declining spot momentum and stretched leverage
- Profit-taking pressure is building
- U.S.-listed spot ETFs saw $900 million in inflows but remain vulnerable without renewed market conviction
Contrastingly, Enflux suggests:
- The industry is maturing quickly despite price action
- Key developments include Google becoming a major shareholder in TeraWulf and Wyoming's state-backed stablecoin launch
- Tether’s hiring of a former White House crypto policy official indicates regulatory alignment
Market Movers
- BTC: Fell 3.2% below $114,000 ahead of Fed announcements
- ETH: Dropped 3.5% under $4,200 amid reconsideration of Fed rate cuts
- Gold: Increased to $3,384.70; silver at $38.115
- Nikkei 225: Decreased 1.14% to 43,050.89
- S&P 500: U.S. stock futures remain stable
Elsewhere in Crypto
- Bullish raised $1.15B entirely in stablecoins for IPO
- A bundle of 280 Bitcoin domain names is up for auction
- Robinhood is launching sports betting prediction markets in partnership with Kalshi