Major Cryptocurrencies, Led by Dogecoin, Drop Amid Profit-Taking
Major cryptocurrencies experienced declines of up to 5% on Thursday, with dogecoin leading the losses. Key highlights include:
- Bitcoin remained around $93,000.
- XRP, Solana's SOL, BNB, and dogecoin fell over 2%.
- Ether declined by 1.5%.
- Overall market cap decreased by 2.5%, with the CoinDesk 20 index dropping over 3%.
- Spot bitcoin ETFs in the U.S. attracted over $916 million in inflows on Wednesday.
Market analysts noted that inflows were driven by a declining U.S. dollar index and Bitcoin’s increasing appeal as a safe haven amid equity market volatility. Comments from Vugar Usi Zade of Bitget highlighted Bitcoin's role as a diversification tool despite ongoing macro challenges.
Recent remarks from President Trump regarding the Federal Reserve Chair and trade tensions with China influenced market sentiment. QCP Capital noted that while some risks have eased, geopolitical tensions and regulatory uncertainties continue to pose challenges.