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Bitcoin is currently trading at around $113,370, down about 2.5% from the previous day. The highest price during the session reached about $116,997, while the lowest was around $112,791.
Ethereum is trading at around $4,159, down about 4.6% from the previous close; it ranged between $4,385 and $4,119 during the session.
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Influencing factors and general trends
Overall market decline: The total market capitalization of digital currencies fell by about 0.2% to $3.96 trillion, while the daily trading volume recorded about $154 billion.
Widespread selling pressure: About 92 of the top 100 cryptocurrencies are experiencing losses over 24 hours. This is attributed to profit-taking from recent record highs and concerns related to Federal Reserve policies.
Trading sites record significant losses: Over $75 billion vanished from market capitalization today alone, according to CoinCentral analysis.
Liquidity under pressure: Positions worth tens of millions were liquidated - over $400 million lost due to Bitcoin dropping below $115,000, driven by major economic pressures.
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Technical analysis and market movements
Technical indicators carry warning signs for Bitcoin, particularly the breach of the upward trend line and reports of a potential reversal in direction on the weekly chart.
Some analysts believe that the market is entering a consolidation phase, where the price declines and stabilizes within a narrow range before choosing a new direction.
Despite the decline, some still consider Bitcoin to be taking on the role of 'digital gold', supported by institutional liquidity and investment funds licensed in the United States since the beginning of 2024.
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Outlook and notable events
Global banking regulation: Industry groups are calling for amendments to the Basel standards for digital assets to become less compressed and more updated to address market developments.
Increased institutional momentum: The hedge fund for digital currencies - Re7 Capital - plans to raise $100 million by the end of 2025, amid a market value growth of $700 billion this year.
Gemini case: Featured in today's news, as Gemini launched a public offering despite suffering heavy losses in the first half of the year, during a time when revenues declined and marketing expenses doubled.
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Summary
The market is currently in a sharp decline with noticeable volatility—Bitcoin and Ethereum are sliding from historical highs, amidst collective selling and profit-taking. Nevertheless, there are signs that institutions still view digital currencies as strategic assets, especially in light of a desire for greater governance and new governmental interventions.
