Cardano’s ADA Leads Major Tokens Decline as Bitcoin Faces Profit-Taking
Bitcoin (BTC) and major cryptocurrencies declined over 3% as profit-taking followed Tuesday's rally. Key points include:
- Overall crypto market cap decreased by 3.3% in the last 24 hours.
- BTC price fell from above $84,200 to nearly $83,500.
- Ether (ETH) and Cardano's ADA dropped up to 5%.
- XRP continues to decline, with price action indicating a potential plunge; however, ProShares amended its spot XRP ETF filing targeting an April 30 launch.
- Large Bitcoin investors have reduced selling from 800,000 BTC daily in late February to about 300,000 BTC.
- Accumulation by large investors remains weak, with holdings dropping by approximately 30K BTC in the past week.
- Chinese stocks in Hong Kong fell by up to 2.9%, despite a 5.4% growth in the Chinese economy in Q1.
- Concerns about U.S. recession risks are rising, with economic growth forecasts revised downwards.
- Bitcoin's appeal as a decentralized asset may increase amid traditional market volatility.