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Bitcoin fell 2% to below $82,000, while Ethereum dropped 13% to $1,801 in the last week. The crypto market faces bearish pressure, with significant losses in altcoins like Avalanche and Polygon.
Bitcoin saw a negative sentiment in the market
Bitcoin price slid 2 per cent in the last 24 hours to fall below $82,000, according to CoinMarketCap. The most popular crypto coin continued the weak momentum in the market by falling almost 6 per cent in the last seven days, leading to a 1.18 per cent loss in market cap to $1.62 trillion.
Ethereum followed the crypto market trend as it fell almost 13 per cent to $1,801 in the last seven days, as per CoinMarketCap. Its market cap came down to $217.34 billion, falling by 1.97 per cent during the same period.
CoinDCX Research Team noted that the crypto markets are facing massive bearish pressure as Bitcoin’s price is falling and testing lower supports.
Meanwhile, the other top altcoins also face similar price action as Ethereum drops below $1800; XRP is on the edge of losing $2, and Solana’s price is trading around crucial support at $124, it added.
CoinSwitch Markets Desk underlined the broader cyptocurrency market also declined, with significant losses observed in cryptocurrencies such as Avalanche (AVAX), Polygon (POL), Near (NEAR), and Uniswap (UNI).
What To Expect Next?
The markets are expected to remain volatile this week, with events like EU CPI & unemployment, Trump’s reciprocal tariffs, and US unemployment, nonfarm payrolls, and FED Chair Powell’s speech scheduled, said CoinDCX Research Team.
“Meanwhile, California pushes a bill to protect self-custody rights for Bitcoin and other digital assets. Metaplanet, Japan’s first and only publicly listed Bitcoin treasury company, announced to raise JPY 2 billion to buy more Bitcoin,” it added.
CoinSwitch Markets Desk said in parallel, the Federal Deposit Insurance Corporation (FDIC) announced a reversal of its prior policy that required banks to obtain approval before engaging in cryptocurrency-related activities. This change is anticipated to encourage greater involvement of traditional financial institutions in the crypto sector, potentially leading to the introduction of new crypto-related products and services.